Dogecoin (DOGE) Price: Institutional Gateway Opens as ETF Nears Approval

TLDR

• Bitwise has removed the delaying amendment from its Dogecoin ETF registration, potentially allowing launch within 20 days around November 26-27
• Dogecoin price increased 4% to $0.18 following ETF news but remains over 75% below its all-time high of $0.73
• Over 3 billion DOGE tokens were sold by large holders in the past month, which historically signals local bottoms
• Technical indicators show positive momentum with MACD turning positive and RSI trending upward
• Analysts see repeating historical patterns that preceded previous bull cycles, though reaching $2.20 faces multiple resistance levels

Dogecoin price climbed 4% in the past day, reaching $0.18 after Bitwise filed an amended registration form with the SEC. The crypto asset manager removed the “8(a)” delaying amendment from its Dogecoin ETF application on November 7.

This change means the ETF could launch after a 20-day waiting period ends. Bloomberg ETF analyst Eric Balchunas stated the fund could go live between November 26 and November 27 if the SEC does not intervene.

The removal of the delaying clause allows Bitwise to proceed with the ETF launch without extended SEC review periods. This accelerated process uses Section 8(a), a provision that bypasses lengthy approval delays.

The Bitwise Dogecoin ETF would hold DOGE as its primary asset. The fund will calculate its net asset value using the CF Dogecoin-Dollar Settlement Price.

Dogecoin currently trades at $0.18, which is more than 75% below its all-time high of $0.7316. The token experienced a downward trend throughout the past month before this recent uptick.

Historical Patterns Emerge Again

Market analysts point to repeating patterns in Dogecoin’s long-term price chart. The token has followed cycles of accumulation, breakout, and rapid growth in previous bull markets.

Trader Tardigrade’s monthly chart analysis shows DOGE tends to surge after touching major trendline support levels. This event just occurred again, matching patterns from earlier cycles.

In 2021, Dogecoin prices jumped from fractions of a cent to above $0.70. Analysts are watching for a breakout above the $0.20 level as a confirmation signal.

Bitcoinsensus described Dogecoin as a “master of geometrical patterns.” Each previous cycle began with prolonged sideways movement before sharp price increases.

Whale Activity Shows Distribution

On-chain data reveals that large holders sold over 3 billion DOGE tokens in the past month. Crypto analyst Ali reported this distribution from whale wallets.

These selling events have historically coincided with local price bottoms. Retail accumulation often follows when large holders take profits.

While whale selling can pressure prices short-term, it creates opportunities for new buyers at lower levels. The recent distribution may signal a shift from institutional to retail ownership.

Technical indicators on the 4-hour chart show positive signs. The MACD lines turned positive and the histogram is rising.

The RSI continues trending upward toward overbought territory. These indicators suggest improving momentum and a possible move toward $0.19-$0.20.

Resistance Levels Stand in the Way

Dogecoin faces multiple resistance zones before any large price movement. Key barriers exist at $0.26, $0.41, and $0.54.

These levels represent areas where traders are likely to take profits. Breaking through these resistance points could slow the upward climb.

On-chain data shows modest buying interest but no clear indicators of a breakout to multi-dollar levels. Trading volumes would need to increase substantially for a move toward $2.20.

Large holders would also need to continue accumulating for a parabolic rise. Current data suggests this scenario remains unlikely in the near term.

The Bitwise ETF approval could mark a new phase for Dogecoin. The fund would give institutional investors regulated exposure to the memecoin without directly holding tokens.

This would be the first meme-based cryptocurrency to achieve ETF status in the U.S. market. Developer Mishaboar reminded the community that no organization officially represents Dogecoin, emphasizing its decentralized nature.

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