In light of Bitwise and Rex Shares recently submitting their spot Dogecoin ETF applications in the United States, crypto expert Ali Martinez has offered a technical analysis indicating that Dogecoin (DOGE) might reach $15. His detailed analysis, illustrated in a logarithmic chart that extends from 2017 to 2025, reveals a substantial ascending channel that underscores the potential upward movement for DOGE.

Dogecoin Aiming for $15

The chart created by Martinez outlines a long-term upward channel, where Dogecoin’s price movement is confined within three parallel trendlines. The lowest trendline has consistently provided strong support since 2017, assisting the price in stabilizing during major downturns, particularly in early 2019 and mid-2022. Currently, the median line of this channel, resting around $0.40 to $0.45, was recently tested as DOGE surged to this level. This represents a crucial turning point that was last reached in early 2022.

According to Martinez, the upper limit of the channel—central to his optimistic forecast—is expected to rise significantly above $10, potentially hitting as high as $15 by late 2025. This upper trendline is not just a theoretical projection; it has historically marked the peak of bull runs for Dogecoin, notably in January 2018 and again in May 2021. At its last all-time high in May 2021, Dogecoin even surpassed the channel considerably.

Martinez’s forecast underscores the potential role of spot Dogecoin ETFs as market drivers. He posits that the approval and launch of these financial products could attract fresh investments from both institutional and retail investors into DOGE, thereby boosting its price towards these projected valuations.

From a trading perspective, DOGE’s current placement below the median line is crucial. Historically, this price level has acted as a launching pad for upward moves when there is sustained buying pressure. If DOGE can hold above this zone, it opens up the path to higher resistance levels around $1.00, with the possibility of reaching near the channel’s peak around $15.

Interestingly, the spot Doge ETFs could potentially enter the market as early as April, according to Bloomberg ETF expert Eric Balchunas. Bitwise officially submitted its application for a Dogecoin ETF on Wednesday.

The proposal, named the “Bitwise Dogecoin ETF,” has been submitted to the Delaware Division of Corporations, a branch of the U.S. Department of State. While such registrations may occasionally be misleading, Balchunas confirmed via X: “Bitwise Doge ETF likely coming soon.. and yes I checked and this is def legit (as opposed to some rogue attempt at forgery for a quick pump like BlackRock XRP a while back).”

Registering in Delaware serves as an initial step prior to a formal ETF application with the Securities and Exchange Commission (SEC). This registration process establishes the legal framework for managing the proposed ETF but does not signify a direct application for SEC endorsement.

This move follows a prior application by investment firms Rex Shares and Osprey Funds, which have also sought approval for several cryptocurrency ETFs, including one centered on Dogecoin.

As of the latest update, DOGE is trading at $0.34.