Dogecoin Poised for $1–$2 Rally on Elliott Wave Setup, Whale Support and Potential ETF Approval
Dogecoin’s long-term Elliott Wave pattern has formed an expanding ending diagonal, setting the stage for a potential Wave V rally to $1–$2. Since completing corrective Wave IV above $0.06091, DOGE has established solid support at that level and maintains higher lows around current prices near $0.18. Whale accumulation above $0.20 – totaling over 11.12 billion DOGE – marks a key resistance-turned-support zone. Institutional interest is rising as Bitwise Asset Management’s spot Dogecoin ETF application undergoes SEC review ahead of a mid-November decision. An ETF approval and NYSE Arca listing, with Coinbase Custody, would drive significant inflows. On-chain metrics show Dogecoin’s DeFi Total Value Locked climbed 10.98% in 24 hours to $17.51 million, reflecting growing liquidity. Traders should watch the $0.20 breakout, ETF progress, and DeFi TVL as catalysts for upside momentum.
Bullish
The combined news is bullish for Dogecoin. The Elliott Wave analysis indicates an expanding ending diagonal and completed Wave IV correction, implying a strong potential for a Wave V rally to $1–$2. Significant whale accumulation above $0.20 highlights robust support and investor confidence. Institutional interest from Bitwise’s spot Dogecoin ETF application and anticipated SEC approval could introduce major liquidity via NYSE Arca listing and Coinbase Custody. Additionally, a 10.98% rise in DeFi TVL underscores growing on-chain activity and market participation. In the short term, a confirmed breakout at $0.20 could trigger accelerated upside, while long-term ETF approval and continued on-chain growth support sustained bullish momentum.