Dogecoin Faces Pressure, but ETF Launch Speculation Boosts Investor Focus

• Dogecoin faces weak momentum, but ETF launch speculation keeps investor interest strong.
• Grayscale’s potential Dogecoin ETF by Nov 24 boosts optimism across the community.
• A breakout above key resistance could trigger a stronger recovery for DOGE.

Dogecoin is experiencing weak performance, but building expectations over a potential Dogecoin ETF keeps the interest elevated. Analysts observe that the repeated corrections with temporary stabilizations keep the markets cautious. A stronger recovery might emerge only after the price breaches a nearby resistance area.

At press time, DOGE is trading at $0.1593. The DOGE recorded a 24-hour trading volume of $5.22 billion and a market cap of $24.12 billion, marking a 0.63% increase over the last 24 hours. It comes at a time when investors are paying close attention to developments that could shape DOGE’s next major move.

Source: CoinMarketCap

Grayscale Signals Possible Dogecoin ETF Launch

A new wave of interest emerged after a prediction made by a crypto analyst, Eric Balchunas, that Grayscale may issue the first Dogecoin ETF as early as November 24. His prediction took into account the 20-day review period of the SEC.

As Balchunas indicated, the final confirmation will happen only after the exchange makes the notice submission, although the system seems well-suited within the existing regulatory guidelines, giving the community reasons to remain hopeful.

Also Read | Grayscale’s Dogecoin ETF Expected to Launch by November 24, Says Analyst 

DOGE Attempts Recovery Amid Pressure

Meanwhile, technical analyst BitGuru highlighted that Dogecoin’s price action has consistently followed an overall downward movement over the past few trading sessions.

Source: X

According to BitGuru’s observations, Dogecoin’s price action can be seen as consistently alternating between phases of corrections and brief periods of consolidation over the past few weeks. This clearly underlines that the markets are still searching for orientation.

After the last downturn, DOGE is currently attempting to create a reversal pattern. Market experts are of the view that the markets will remain confident if DOGE manages to move above a resistance point that has so far capped its upside on several occasions. A breakout above this point may result in substantial gains if the ETF rumor escalates further.

Currently, DOGE investors are very much interested in the markets as well as the regulatory announcements due to the fact that the structure of the markets and the ETF announcement could shape the next move of the currency.

Also Read | Dogecoin (DOGE) Setup Signals Major Upside Move With Clear Path To $0.50