Dogecoin (DOGE) Price: Grayscale ETF Launches on NYSE Today

TLDR

• Grayscale’s Dogecoin ETF (GDOG) begins trading today on the New York Stock Exchange after receiving approval last Friday.
• Bloomberg analyst Eric Balchunas estimates the DOGE ETF could see around $11 million in first-day trading volume.
• Grayscale’s XRP ETF (GXRP) is also launching today alongside the Dogecoin fund.
• Dogecoin currently trades at $0.1457 and remains below all major moving averages in a downtrend.
• The token needs to break above $0.165 to signal a potential trend reversal according to technical analysis.

Grayscale’s Dogecoin exchange-traded fund starts trading on the New York Stock Exchange today. The fund received formal approval from the NYSE last Friday.

The product ticker is GDOG. It will track the price of Dogecoin through the exchange.

Bloomberg analyst Eric Balchunas predicted this November 24 launch date last week. He based his forecast on the asset manager’s progress and NYSE approvals.

Balchunas posted approval documents on social media. He confirmed both the Dogecoin and XRP funds would go live today.

The analyst projects GDOG could generate around $11 million in first-day trading volume. This estimate comes from activity patterns in other new crypto ETFs.

The DOGE fund converts Grayscale’s existing Dogecoin trust into an exchange-traded product. Investors can now access the meme coin through a regulated vehicle without managing crypto wallets.

Grayscale’s XRP fund (GXRP) launches alongside GDOG today. The XRP product arrives one week after Bitwise’s XRP ETF hit the market.

The Bitwise fund brought in close to $22 million in trading volume within hours of its launch. Bloomberg analyst James Seyffart noted that much of this volume occurred early in the trading session.

Canary Capital’s XRPC ETF launched earlier this month. The fund saw more than $250 million in inflows on day one.

Other firms including 21Shares and CoinShares are developing their own XRP products. 21Shares updated key details for its DOGE ETF last month but still awaits SEC approval.

Dogecoin Price Action Shows Weakness

Dogecoin trades near $0.1457 on the daily chart. The token sits below all major exponential moving averages.

The 20-day EMA stands at $0.1612. Every recent bounce has failed near this level.

The price remains near the lower Bollinger Band at $0.1375. This position indicates continued selling pressure in the market.

Trader Tardigrade identified a long-term Wyckoff Accumulation pattern forming since Dogecoin’s 2024 peak. The pattern has been developing for a year.

The structure reached its Phase C low. Tardigrade expects Phase D to push DOGE back toward the upper range. Phase E would eventually lift the token above the entire accumulation zone.

Technical Levels Define Recovery Path

The first Fibonacci resistance sits at $0.1653. This marks the 0.236 level on the chart.

Higher resistance levels appear at $0.1768 and $0.1840. These align with major EMA clusters.

A break above $0.165 remains essential for any meaningful trend reversal. Bulls need to clear this zone to shift momentum.

The RSI reads 36.39. This places it below 50 but above oversold territory.

The MACD indicator stays below zero. Histograms show decreasing values as bearish momentum slows.

Support levels sit at $0.1375 for the immediate range. Further support appears at $0.125 and $0.110 if selling continues.

The Bollinger Bands have expanded. This signals increased volatility may occur unless buyers provide support.

Grayscale’s Chainlink-based ETF may launch next week according to Balchunas. The firm plans to list this product on Nasdaq.

The post Dogecoin (DOGE) Price: Grayscale ETF Launches on NYSE Today appeared first on Blockonomi.