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 Technical indicators show bears taking over, with traders eyeing key support levels and potential ETF-driven moves.
Dogecoin fell for a second straight session as optimism over Bitwise's expected launch of a spot DOGE ETF within 20 days was overshadowed by heavy whale selling and technical weakness. news backgroundBitwise Asset Management confirmed that its spot Dogecoin ETF may be launched within 20 days under the automatic approval rules of Section 8(a) of the Exchange Act, provided that the U.S. Securities and Exchange Commission (SEC) does not intervene. Previously, SOL, LTC and HBAR ETFs were listed on Wall Street last week, a move that shows that institutional investors are accelerating the development of various products in the Internet meme currency field. Grayscale also revised the filing for its spot DOGE ETF, kicking off a similar countdown. These parallel moves underscore the regulator's reactive stance under Section 8(a) of the Exchange Act to expedite listings even without explicit support from the U.S. Securities and Exchange Commission (SEC). Although the market is generally optimistic, the price trend of Dogecoin (DOGE) is seriously decoupled from the expectations of the ETF as large investors sell on the rallies. On-chain data shows that in the past 72 hours, whale wallets have transferred more than 1 billion Dogecoins (approximately $440 million), setting up the largest sell-off cycle since early October. Price action summaryDogecoin (DOGE) fell 2.4% over 24 hours to $0.1634, breaking support at $0.167 as the sell-off intensified. The coin fluctuated by 6.4% during the day, hitting lower highs in the first 16 trading hours.  The biggest drop occurred at 15:00 GMT, with trading volume surging to 793.4 million coins - about 150% above average - pushing Dogecoin to the day's low of $0.1590. Multiple rebound attempts failed at the $0.1639 resistance level, confirming the ongoing supply glut. Trading stabilized in late trading, with Dogecoin price rebounding from $0.1615 to close near $0.1631, with trading volume in the final hour averaging 6.2 million coins per minute – slightly above normal, indicating a cautious re-entry by institutional players. technical analysisThis round of trading shows a textbook breakout-backtest pattern, confirming short-term bear control, and also suggesting that a bottom may be building. The lower high since the open validated resistance near $0.1674, while late higher lows at $0.1615-$0.1625 set the initial framework for a potential reversal. Momentum indicators remain mixed. The RSI indicator has rebounded from near oversold territory (38-42 range) and the MACD indicator has flattened, indicating that downside momentum is fading. However, speculative demand remains subdued as total futures open interest fell by 12% and Binance’s funding rate turned negative. The volume distribution shows that the market is in a transitional phase - heavy selling in early trading, followed by modest accumulation in late trading. This structure often signals short-term consolidation, followed by narrowing volatility, and ultimately, possibly a decisive breakout. What traders should knowTraders are currently focused on whether Dogecoin can hold support at $0.1575 to $0.1615 as ETF trading sentiment heats up. The ETF countdown could spark volatility, but unless prices close above $0.1674, the technical picture remains fragile. If bulls recapture this level, short-term upside targets are between $0.172 and $0.180, coinciding with the pre-crash supply range. Conversely, failure to hold $0.1575 could lead to a drop to the psychological $0.15 level, an area where on-chain cost basis data is concentrated. The interplay between ETF news and whale flows may determine the near-term direction: continued outflows from big holders could limit any ETF-driven optimism until mid-November. The next market trend is particularly critical, and opportunities are fleeting! Don't let hesitation hold back your wealth dreams, and don't let the trap of air coins swallow up your principal! Scan the QR code below to take you through the entire bull market! Joining us means standing on the shoulders of giants and seizing the opportunity to get rich. If you miss it, you may miss the opportunity a hundred times! Many friends still don’t understand the current market. It’s hard to buy at the second level, and they don’t understand at the first level. You can join us! Level one feeding tutorial, level two real-time entry and exit points and position allocation details, a group of professional people will serve you! You can follow me or add me on WeChat below! Welcome everyone to join my group to discuss and exchange information! VX: suiyue3786, backup VX: LS688677   |
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