Recently, the cryptocurrency market has undergone a round of adjustments, with the performance of DOGE attracting the attention of investors. From a technical perspective, DOGE has formed an important support level around $0.23, providing an opportunity for potential bulls to enter. However, investors need to cautiously set stop-loss levels, with a recommendation to set it around $0.215 to control risks.

It is worth noting that Dogecoin has recently welcomed a potentially significant piece of good news - the potential launch of an ETF. If the ETF is approved, it could provide significant upward momentum for DOGE. Market analysts expect that this process may make progress in the next three months. From a long-term chart perspective, the daily trend of DOGE remains healthy, while the W-bottom pattern formed on the 4-hour chart also provides positive signals for technical analysts.

Nevertheless, investors should remain vigilant about the high volatility of the cryptocurrency market. For investors with larger amounts of capital, considering the direct purchase of spot may be a more robust strategy. Regardless of the investment approach taken, decisions should be made based on one's own risk tolerance and investment goals.

Overall, DOGE faces both opportunities and challenges in the current market environment. Investors need to closely monitor market trends, especially regulatory developments related to ETFs, while remaining rational and managing risks effectively.