Dogecoin Longs Surge as ETF Rumors Grow, Is $0.47 the Next Price Target?

Dogecoin (DOGE) has faced intense volatility this month, with its performance mimicking the choppy moves across the broader market due to multiple macro factors, including geopolitical tensions. Dogecoin price is trading at $0.16 today, June 27, with a slight 0.3% decline in 24 hours. However, after defending critical support levels as bullish long bets surge and DOGE ETF approval rumors grow, can the price hit $0.47?

Dogecoin Price Holds Steady as ETF Hype Sparks Bullish Signs

Dogecoin price may be under intense volatility, but bulls are successfully defending key support levels. Since November 2024, the $0.13 level has been acting as strong support, a sign that buyers have been stepping in at around this price level to avoid a steep decline.

One of the reasons why this critical support level is holding is the optimism around a spot DOGE ETF approval. Polymarket data shows that currently, 70% of traders believe that this ETF will be approved before the end of the year.

The speculation on approval swirled yesterday after Bitwise filed an amended S-1 for a DOGE ETF. Bloomberg analyst Eric Balchunas opined that the recent filing was a “good sign,” signaling that the SEC was engaging with the issuers.

This development sparked optimism among futures traders. It saw increased demand for long positions as traders opened speculative bets that the Dogecoin price is about to rebound. As Coinglass data shows, the DOGE long/short ratio has surged past 1 for the first time in four days.

At the same time, Dogecoin’s funding rate remains positive, a sign that these long traders are willing to pay a fee to maintain their positions. Amid the positive market sentiment, how high will the price of this top meme coin go?

DOGE Targets $0.47 as Double Bottom Emerges

Dogecoin long traders could be front-running a potential price rally as a double-bottom pattern appears on the weekly timeframe. In most cases, this double bottom indicates that a sharp reversal to the upside is about to occur.

The key support level to watch in this pattern lies at $0.142. Bulls defended this support successfully in April 2025 and are doing it again. If it holds and the upward reversal commences, the first price target will be the neckline resistance at $0.26. If bulls overcome this hurdle and flip it to support, the target of this pattern lies at $0.47.

The ADX supports this bullish Dogecoin price prediction by sloping downwards. This indicates that the downward trend that began at the neckline resistance is growing weak, giving room for a recovery to happen.

However, DOGE price might consolidate around this support level if the RSI indicator remains below the mean level of 50. While the indicator is tipping north to show there is an uptick in buying activity, crossing above the mean level will validate the bullish thesis of a rally to $0.47.

To sum up, Dogecoin price is at a crucial juncture as optimism towards the approval of a spot DOGE ETF surges. Long traders seem to be anticipating a recovery as bulls defend the double-bottom support at $0.142. If retail traders and whales start accumulating DOGE at this price, the double-bottom target of $0.47 could be realized.