Dogecoin slipped for a second straight session as heavy whale distribution and technical weak point overshadowed optimism surrounding Bitwise’s expected negate DOGE ETF commence inside 20 days.
News Background
Bitwise Asset Management confirmed that its negate Dogecoin ETF may perhaps perhaps merely commence inside 20 days below the Allotment 8(a) computerized-approval rule, pending no SEC intervention. The lumber follows last week’s debut of SOL, LTC, and HBAR ETFs on Wall Toll road and indicators accelerating institutional product construction across the meme-coin segment.
Grayscale additionally amended its comprise negate DOGE ETF submitting, initiating a a similar countdown interval. The parallel efforts underscore how regulators’ passive stance below Allotment 8(a) may perhaps perhaps mercurial-be aware listings even without order SEC endorsement.
No subject the broader optimism, DOGE’s value action decoupled sharply from the ETF epic as wide holders liquidated positions into strength. On-chain info recorded over 1 billion DOGE (~$440 million) moved by whale wallets within the past 72 hours—aligning with the heaviest distribution week since early October.
Mark Motion Summary
DOGE fell 2.4% to $0.1634 over the 24-hour session, breaking below $0.167 give a enhance to amid accelerating selloffs. The token traded by a 6.4% intraday range, establishing sequential decrease highs all over the valuable 16 hours of buying and selling.
The sharpest descend hit at 15:00 GMT, when volume surged to 793.4 million tokens—roughly 150% above moderate—utilizing DOGE to its session low at $0.1590. More than one rebound makes an are attempting failed at $0.1639 resistance, confirming continual provide overhead.
Dead buying and selling brought stabilization as DOGE rebounded from $0.1615 to shut shut to $0.1631, with last-hour activity averaging 6.2 million tokens per minute—comparatively above the norm and signaling measured re-entry from institutional participants.
Technical Evaluation
The session produced a textbook breakdown-and-retest pattern, confirming short bearish defend watch over while hinting at that you just would mediate execrable formation. Descending highs from the open validated resistance shut to $0.1674, while the slow-session increased lows at $0.1615–$0.1625 established the early framework for a seemingly reversal.
Momentum indicators remain mixed. RSI recovered from shut to-oversold territory (38–42 band), and MACD knocking down suggests decelerating downside momentum. Then all over again, with aggregate futures open ardour declining 12% and funding charges flipping detrimental on Binance, speculative appetite remains subdued.
The amount profile supports a transition section—heavy distribution early adopted by measured accumulation slow within the session. This constructing usually precedes short consolidation sooner than volatility compresses earlier than a decisive breakout.
What Traders Might silent Know
Traders now contend with whether or no longer DOGE can defend $0.1575–$0.1615 give a enhance to while ETF-driven sentiment builds. The ETF countdown may perhaps perhaps act as a volatility catalyst, nonetheless technicals remain fragile till value closes above $0.1674.
If bulls reclaim that level, short upside targets align with $0.172–$0.180, coinciding with pre-breakdown provide. Conversely, failure to abet $0.1575 dangers exposing the $0.15 psychological zone, the attach on-chain value foundation info clusters.
The interplay between ETF headlines and whale flows will seemingly dictate shut to-term course: sustained outflows from wide holders may perhaps perhaps cap any ETF-driven optimism by mid-November.
