Franklin Templeton's ETF Filing Boosts Dogecoin Price Momentum

Dogecoin's price has been showing signs of recovery after reaching an extremely oversold technical level, according to analysts. The memecoin dropped nearly 90% from its all-time high and recently touched a three-year low near $0.067, but the Relative Strength Index (RSI) readings suggest that prolonged selling pressure may be nearing exhaustion.

The RSI levels for the month just concluded are more entrenched in the oversold zone compared to the crypto market's bottom in 2022, giving rise to speculations that DOGE is now forming a solid base. If buying sentiment resurfaces and breaks through significant resistance levels, the bulls may be able to gain momentum, possibly pushing Dogecoin to reach $0.45.

Franklin Templeton has made an application with the SEC in the United States to expand the scope of its Franklin Crypto Index ETF to include Dogecoin (DOGE). The approval will make it a diversified cryptocurrency basket fund that allows investors to invest in a wide variety of cryptocurrencies through one regulated financial instrument.