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Dogecoin (DOGE) is facing renewed selling pressure even as optimism builds over a potential U.S. spot ETF listing. Despite excitement around Bitwise Asset Management’s filing, the token’s technical setup indicates bearish control, with key support levels now in focus.
Bitwise and Grayscale Push Forward With DOGE ETF Plans
Bitwise Asset Management confirmed that its spot Dogecoin ETF could go live within 20 days under Section 8(a) automatic approval, provided the SEC does not intervene. The move follows the recent debut of Solana (SOL), Litecoin (LTC), and Hedera (HBAR) ETFs on Wall Street — a sign of growing institutional interest in crypto-based exchange-traded products.
At the same time, Grayscale has amended its own Dogecoin ETF filing, also triggering the 20-day countdown period. Analysts note that this “silent approval” pathway could fast-track listings without explicit SEC action, accelerating DOGE’s mainstream financial integration.
Whale Selloffs Overshadow ETF Optimism
Despite the ETF excitement, DOGE’s price decoupled from bullish sentiment due to large-scale whale distribution. On-chain data revealed that over 1 billion DOGE, worth approximately $440 million, moved from whale wallets in just 72 hours — the largest wave of selling since early October.
These selloffs pushed DOGE down 2.4% to $0.1634 in the past 24 hours, breaking below key support at $0.1670. The token traded through a 6.4% intraday range, marking its second consecutive session of losses as sellers maintained control.
The sharpest decline occurred around 15:00 GMT, when trading volume surged to 793 million tokens, about 150% above average. Attempts to reclaim resistance at $0.1639 failed repeatedly, signaling persistent supply overhead.
Technical Indicators Show Bearish Bias
DOGE’s price action confirmed a classic breakdown-and-retest pattern, with descending highs forming strong resistance at $0.1674. Late-session support appeared between $0.1615 and $0.1625, hinting at potential short-term base formation.
Momentum indicators remain mixed.
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The RSI rebounded from near-oversold levels (38–42).
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The MACD is flattening, suggesting the bearish momentum could be easing.
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However, open interest in futures declined by 12%, and funding rates turned negative on Binance — signs that traders are not yet confident in a bullish reversal.
The volume profile suggests early heavy distribution followed by moderate accumulation later in the session, often preceding short-term consolidation before a volatility breakout.
Key Levels To Watch
Traders are now eyeing the $0.1575–$0.1615 zone as crucial near-term support. Holding above this area could allow the price to stabilize as ETF speculation grows.
If bulls reclaim $0.1674, short-term upside targets include $0.172–$0.180, aligning with pre-breakdown resistance levels. Failure to maintain support near $0.1575, however, could expose DOGE to a deeper correction toward the $0.15 psychological zone — a level backed by strong on-chain cost basis data.
Outlook: Volatility Ahead as ETF Countdown Continues
As the 20-day ETF countdown progresses, Dogecoin could experience heightened volatility driven by speculation and shifting whale behavior. For now, technical signals favor the bears, and traders will be watching closely for confirmation of a trend reversal above $0.1674.
While the ETF narrative offers potential upside catalysts, continued whale outflows may limit momentum through mid-November — making the next few sessions critical for DOGE’s short-term trajectory.
