Dogecoin has been lagging behind other memecoins and the broader crypto market recently.
Analysts believe Dogecoin is on the verge of a 30% turnaround based on a technical indicator.
Andrew Kang, a crypto venture capitalist believes that a Dogecoin ETF is more likely due to the recently passed FIT21 bill
The bill might give the US's CFTC more power towards crypto, as well as the ability to approve ETFs, which might one day include Dogecoin.
Dogecoin has been underperforming compared to the rest of the memecoin market, and even the crypto market at large, so far in the last two weeks.
However, analysts are starting to comment on the memecoin, adding to the outlook that a Dogecoin turnaround might just be around the corner.
Let's go over some of these analyst opinions, as well as a pretty interesting detail about a possible Dogecoin ETF.
According to renowned analyst, Kevin on Twitter (X) this week, there is currently an interesting technical pattern on Dogecoin’s daily price chart.
Dogecoin’s incoming breakout
This pattern is known as the head and shoulders pattern, and is one of the biggest indicators of a possible reversal, especially when an asset has been trending downwards, like Dogecoin has in the last few weeks.
Kevin expects that Dogecoin will break to the upside this week in particular, and even target the $0.22 per DOGE price level.
In essence, this jump would be about a 30% rally from current price levels, in a little more than 2 days of bullish price action.
Per Kevin’s analysis, investors might want to keep an eye out for Dogecoin’s performance around the neckline of this formation, where there might be an incoming trend confirmation.
This outlook was also echoed by another trader and analyst, Lieutenant Ponzi, who also believes that a Dogecoin rally might not be too far off into the future.
Bullish outlook for Dogecoin
Interestingly enough, Lieutenant Ponzi’s outlook also involved a reverse head and shoulders pattern, which aligns perfectly with Kevin’s analyses.
According to recent insights from crypto venture capitalist, Andrew Kang a Dogecoin ETF might not be so far off.
Here’s why.
According to Kang, the Financial Innovation and Technology for the 21st Century (FIT21) bill that was recently approved might be the first step towards achieving this.
ETF odds look “brighter than ever”
For some context, the FIT21 aims to give the CFTC in the US the power to regulate crypto, as much as the SEC does.
Considering the CFTC’s relatively better stance on the issue of crypto compared to the SEC, the chances of a Dogecoin ETF are all the better.
Kang previously gave a Dogecoin ETF approval a 30% estimate of approval. However, the new FIT21 bill has raised his hopes, and he believes that the odds of a Dogecoin ETF approval are "brighter than ever".
Moreover, Kang also believes that factors like DOGE’s status as one of the most decentralized altcoins, and its relatively impressive market cap make it all the more suited to a possible ETF approval.
Overall, the outlook for Dogecoin is bullish through and through, with analysts having only positive things to say about the potential of the king of memecoins.
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