TLDR
Dogecoin price surged over 12% with a breakout above $0.17 this week.
Bitwise’s Spot Dogecoin ETF filing is expected to move closer to approval by November 12.
11.12 billion DOGE accumulated near the $0.20 level creates strong resistance.
MACD and RSI signals indicate rising bullish momentum for the Dogecoin price.
Dogecoin saw a strong rally, rising more than 12% in a single day as anticipation builds around the potential launch of the Bitwise Spot Dogecoin ETF later in November. The price moved past $0.17 and showed further strength, driven by investor optimism and increasing interest in the broader market. This move comes even as most cryptocurrencies are still recovering from a recent downturn.
Bitwise Moves Closer to Launch of First Spot Dogecoin ETF
Bitwise Asset Management filed its fourth amendment to the S-1 registration form with the U.S. Securities and Exchange Commission (SEC) on Thursday. This submission triggered a 20-day automatic waiting period under Section 8(a), meaning the SEC must respond by November 12. If the agency does not object, the ETF will be approved by default.
The latest amendment removed the clause for delayed effectiveness, signaling Bitwise’s readiness to move forward. The fund, once approved, will trade under the ticker symbol “BWOW” on the NYSE Arca exchange. Bitwise confirmed that the ETF will directly track the CF Dogecoin-Dollar U.S. Settlement Price Index. Coinbase Custody will serve as the custodian for the fund’s DOGE holdings.
The ETF’s setup has been finalized, including fees, structure, and custody arrangements. Market participants are now watching for the SEC’s decision, which could mark a new step for meme-based assets in traditional finance.
DOGE Faces Strong Whale-Level Resistance Around $0.20
Dogecoin is approaching a key resistance level around $0.20, where large investor activity has been recorded. On-chain data from Glassnode, shared by analyst Ali, indicates that approximately 11.12 billion DOGE were purchased at this level. This creates a dense zone of potential selling pressure.
The cost-basis distribution heatmap shows that this level is one of the heaviest accumulation points. For Dogecoin to continue its upward movement, it must break through this price zone with strong volume. Failure to do so could lead to sideways trading or a possible retracement.
This accumulation level may act as a barrier unless buyers can support the price with continued strength. A breakout above this level would shift the focus to the next resistance around $0.22.
Bullish Indicators Support Short-Term DOGE Strength
As of November 8, Dogecoin was trading at $0.1807. Technical indicators on the 4-hour DOGE/USD chart point toward increasing momentum. The Moving Average Convergence Divergence (MACD) line crossed above the signal line, often a sign of growing buying activity.
The Relative Strength Index (RSI) also rose to 64, showing stronger demand in the short term. These signals suggest that traders are positioning for a possible continuation of the current uptrend. However, if the price drops below $0.18, it could retest the $0.16 support zone.
Short-term traders are likely watching these technical levels closely as the market waits for further news about the ETF decision. A strong approval signal could push prices higher in the coming sessions.
Broader Market Sees Mild Recovery as Dogecoin Leads
The overall crypto market is beginning to recover from losses earlier in the month. After falling nearly 6% in the last week, the market has seen a rebound of 1.4% over the past 24 hours. Dogecoin’s performance has stood out during this bounce, suggesting increased interest and stronger sentiment around meme coins.
Trading volume in DOGE has increased as more traders return to the market. Although sentiment remains cautious in other parts of the market, Dogecoin appears to be leading the current move. This may reflect growing confidence in the upcoming ETF and its effect on DOGE’s future liquidity and exposure.