Dogecoin Price at Make-or-Break Level as ETF Approval Odds Drop to 75%

Dogecoin (DOGE) is at a make-or-break level after its entry into a major demand zone signaled that buy-side activity is about to rise again despite falling DOGE ETF approval odds. The mixed sentiment comes as Dogecoin price trades at $0.18 today, July 1o, after rising by 5% within 24 hours.

Dogecoin Price Enters Key Demand Zone

DOGE price has entered a demand zone, and this might be a major factor that helps drive the next upward rally. Looking at the historical data, it is clear that this demand zone has often attracted buying activity, and if it repeats previous moves, a strong upward rally or another rejection might happen.

The demand zone in question stands at $0.17, and Dogecoin will have to close above this level before the top meme coin can confirm an upward rally. However, the only way that DOGE can confirm that bullish traders are back in control is if the price can reach the Point of Control (PoC) line at $0.224.

The PoC line defines a zone where a lot of trading activity previously occurred, and if it is above the price, as it is now, it serves as a strong resistance. For it to confirm a shift from a bearish to a bullish Dogecoin price prediction, DOGE will have to make a firm close above $0.224.

The likelihood of such a rally happening is high considering two factors: the rising parallel channel and the upwards sloping RSI indicator. The channel shows that Dogecoin is in an uptrend, while the RSI at 51 also paints a bullish picture, considering that it has been sloping upwards.

However, the price of Dogecoin has faced strong resistance at the demand zone, which makes it a make-or-break level. If the price fails to rally above this resistance level again, DOGE might fall to $0.15 and consolidate here before the next move.

DOGE ETF Approval Odds Drop to 75% as Trump Snubs Meme Coins

The odds of a Dogecoin ETF being approved in the US have dropped to 75% according to data from Polymarket. Earlier this week, these odds were at 81%, indicating that some traders are becoming less convinced that the SEC is going to give its approval for these products.

The reduced odds come after President Donald Trump snubbed meme coins in his blue-chip crypto ETF that included a wide range of altcoins. As CoinGape reported, the reason why Trump’s blue-chip crypto ETF excludes meme coins is due to the volatility of these tokens.

As institutions become less interested in getting exposure to the Dogecoin price movements, it might create a bearish sentiment, and this is being seen with the closure of long positions. Data from CoinGlass shows that on the Binance exchange, the long/short ratio for DOGE has dropped to its lowest level in one month.

To sum up, Dogecoin price appears to be close to making a strong breakout, but the direction that the meme token might take remains unclear, depending on whether the current demand zone will attract buyers. While a rally to $0.22 might be in the making, the drop in ETF approval odds indicates that DOGE might face headwinds.