The formation in question is a broadening megaphone.
A broadening megaphone (or broadening formation) is a chart pattern that looks like a widening triangle:
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The resistance line and the support line diverge, forming the shape of a megaphone.
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Each new high is higher than the previous one, and each new low is lower than the previous one.
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This usually indicates increasing volatility and market uncertainty.
The expert noted that the price has already bounced from the lower boundary of the pattern. Previous upward waves within this structure have each been larger than the last.
$DOGE Getting Ready to Rip to the Upside📈💥#Dogecoin is currently offering us a massive opportunity on the weekly time-frame.
— Bitcoinsensus (@Bitcoinsensus) September 2, 2025
As we've seen in the past, this coin has been moving upwards in impulsive waves, each being bigger than the previous one.💣
This next wave could… pic.twitter.com/M8iqkjiGxi
Trader optimism is also fueled by fundamentals. U.S.-based CleanCore Solutions became the first public company to adopt DOGE as its primary treasury reserve asset, raising $175 million from institutional investors to do so.
Another analyst, known as ChartMonkey, sees the possibility of DOGE reaching $1.15 based on Fibonacci extension levels.
📈LONG: $DOGE by @TradingShot@dogecoin DOGE just completed its first 1D Golden Cross formation in 9 months! This could be a sign of a new bullish leg for the 2-year Bullish Megaphone, with previous peaks hitting the 3.618 Fibonacci extension. #Dogecoin #BullishLeg #Fibonacci pic.twitter.com/mXGR8vTaQ8
— Barry | ChartMonkey (@ChartMonkeyBTC) August 13, 2025
On the daily timeframe, the coin is consolidating in a symmetrical triangle. A breakout above the upper boundary at $0.225 could drive growth toward $0.37.
Another potential demand driver is the launch of a spot Dogecoin ETF. According to Polymarket data, the likelihood of its approval in 2025 is estimated at 79%.
At the time of writing, DOGE trades at $0.21, down 1.4% in the past 24 hours
Instead of the usual S-1 and 19b-4 filing process, REX is pursuing the 40-Act route, which allows for a faster approval timeline. Industry observers such as Nate Geraci have described the move as a “regulatory end-around.” In its filings, REX highlights the extreme volatility and unique risks associated with Dogecoin, yet the step is still seen as a significant milestone in the path toward institutional recognition of memecoins.
Looks like Rex is going to launch a Doge ETF via the 40 Act a la $SSK next week based on below tweet combined w how they just filed an effective prospectus. Doge looks like first one to go out, but the pros also includes on there are Trump, XRP and Bonk so poss those too at some… https://t.co/svyAFLB8Q3
— Eric Balchunas (@EricBalchunas) September 4, 2025
Over the past year, Dogecoin has gained more than 116%, but at around $0.21 it still trades well below its May 2021 peak of $0.73. The token’s popularity remains tied to its close association with Elon Musk, who once called himself the “Dogefather” and was recently linked, through his legal team, to Dogecoin investments worth $200 million.
The SEC is currently reviewing 92 crypto ETF applications, including proposals tied to Solana, XRP, and Litecoin. In August alone, $4.37 billion flowed into digital asset investment products. If approved, the Dogecoin ETF would become the first U.S. offering providing direct exposure to a memecoin.