- Dogecoin (DOGE) experienced price declines despite anticipation of a spot ETF launch by Bitwise Asset Management within 20 days.
- Large holders transferred over 1 billion DOGE (~$440 million) in the past 72 hours, marking heavy distribution.
- Price fell 2.4% to $0.1634, breaking below support at $0.167 amid increased selling pressure.
- Technical indicators show bearish trends with potential early signs of stabilization and possible reversal zones.
- The ETF countdown may increase volatility, but significant price moves depend on sustained buying or selling by whales.
Bitwise Asset Management confirmed that its spot Dogecoin (DOGE) exchange-traded fund (ETF) could launch within 20 days under the Section 8(a) automatic-approval rule, provided there is no intervention from the U.S. Securities and Exchange Commission (SEC). This development follows the recent introduction of spot ETFs for SOL, LTC, and HBAR tokens on Wall Street, highlighting a trend of growing institutional products in the meme-coin market. Grayscale has also updated its spot DOGE ETF filing, initiating a similar countdown under the same regulatory framework.
Despite this positive news, DOGE’s price fell for the second consecutive session. On-chain data revealed that whale wallets moved over 1 billion DOGE, worth approximately $440 million, in the last 72 hours. This volume represents the highest distribution since early October, as large holders sold into strength, decoupling price action from ETF-related optimism.
In the most recent 24-hour trading period, DOGE declined 2.4% to $0.1634, breaching the $0.167 support level amid accelerating selloffs. Intraday price swings reached 6.4%, with the session low hitting $0.1590 during a spike in volume to 793.4 million tokens — about 150% above average. Attempts to rebound stalled near $0.1639 resistance, indicating persistent selling pressure. Later, the token stabilized, recovering slightly to close near $0.1631, with trading volume in the final hour slightly above average, suggesting cautious reentry by institutional participants.
Technical analysis showed a breakdown and retest pattern confirming short-term bearish control, with descending highs capped around $0.1674 resistance. However, higher lows established near $0.1615–$0.1625 hint at a possible base forming. The Relative Strength Index (RSI) moved from near oversold levels (38–42 range), and the Moving Average Convergence Divergence (MACD) indicator flattened, suggesting reduced downward momentum. Open interest in DOGE futures dropped by 12%, and funding rates on Binance turned negative, indicating low speculative enthusiasm. Volume analysis points to a phase of heavy early distribution followed by measured accumulation, a common setup before volatility decreases and a breakout occurs.
Traders are watching closely to see if DOGE can hold support between $0.1575 and $0.1615 amid building ETF-related sentiment. A close above $0.1674 would signal short-term bullish potential, targeting $0.172 to $0.180, areas associated with previous supply. Conversely, dropping below $0.1575 risks testing the $0.15 psychological level, where many cost bases align. The near-term direction likely depends on the balance of ETF news and whale activity, as continued selling by large holders could suppress price gains through mid-November.
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