coindesk.com
Dogecoin slipped for a second straight session as heavy whale distribution and technical weakness overshadowed optimism surrounding Bitwise’s expected spot $DOGE ETF launch within 20 days.
News Background
Bitwise Asset Management confirmed that its spot Dogecoin ETF may launch within 20 days under the Section 8(a) automatic-approval rule, pending no SEC intervention. The move follows last week’s debut of SOL, LTC, and HBAR ETFs on Wall Street and signals accelerating institutional product development across the meme-coin segment.
Grayscale also amended its own spot $DOGE ETF filing, initiating a similar countdown period. The parallel efforts underscore how regulators’ passive stance under Section 8(a) could fast-track listings even without explicit SEC endorsement.
Despite the broader optimism, $DOGE’s price action decoupled sharply from the ETF narrative as large holders liquidated positions into strength. On-chain data recorded over 1 billion $DOGE (~$440 million) moved by whale wallets in the past 72 hours—aligning with the heaviest distribution week since early October.
Price Action Summary
$DOGE fell 2.4% to $0.1634 over the 24-hour session, breaking below $0.167 support amid accelerating selloffs. The token traded through a 6.4% intraday range, establishing sequential lower highs during the first 16 hours of trading.
The sharpest drop hit at 15:00 GMT, when volume surged to 793.4 million tokens—roughly 150% above average—driving $DOGE to its session low at $0.1590. Multiple rebound attempts failed at $0.1639 resistance, confirming persistent supply overhead.
Late trading brought stabilization as $DOGE rebounded from $0.1615 to close near $0.1631, with final-hour activity averaging 6.2 million tokens per minute—slightly above the norm and signaling measured re-entry from institutional participants.
Technical Analysis
The session produced a textbook breakdown-and-retest pattern, confirming short-term bearish control while hinting at possible base formation. Descending highs from the open validated resistance near $0.1674, while the late-session higher lows at $0.1615–$0.1625 established the early framework for a potential reversal.
Momentum indicators remain mixed. RSI recovered from near-oversold territory (38–42 band), and MACD flattening suggests decelerating downside momentum. However, with aggregate futures open interest declining 12% and funding rates flipping negative on Binance, speculative appetite remains subdued.
The volume profile supports a transition phase—heavy distribution early followed by measured accumulation late in the session. This structure often precedes short-term consolidation before volatility compresses ahead of a decisive breakout.
What Traders Should Know
Traders now focus on whether $DOGE can defend $0.1575–$0.1615 support while ETF-driven sentiment builds. The ETF countdown could act as a volatility catalyst, but technicals remain fragile until price closes above $0.1674.
If bulls reclaim that level, short-term upside targets align with $0.172–$0.180, coinciding with pre-breakdown supply. Conversely, failure to hold $0.1575 risks exposing the $0.15 psychological zone, where on-chain cost basis data clusters.
The interplay between ETF headlines and whale flows will likely dictate near-term direction: sustained outflows from large holders could cap any ETF-driven optimism through mid-November.