Dogecoin (DOGE) Price: Can New Grayscale ETF Break $0.15 Resistance Level

TLDR

• Grayscale’s Dogecoin ETF (GDOG) launched today on the New York Stock Exchange following approval last Friday
• Bloomberg analyst Eric Balchunas projects 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 price currently sits near $0.1457 and remains below key moving averages in bearish territory
• Technical analysis shows DOGE needs to break above $0.165 to trigger any meaningful price recovery

Grayscale officially launched its Dogecoin ETF today on the New York Stock Exchange. The product began trading under the ticker GDOG after receiving formal approval from the exchange last Friday.

The asset manager confirmed the launch would proceed on November 24. This followed the completion of all required filings with the SEC. The NYSE cleared the fund for trading last week.

Bloomberg analyst Eric Balchunas had predicted this exact launch date based on the approval timeline. He shared images of the NYSE approval documents confirming the fund was ready to go live. Balchunas estimates GDOG could generate around $11 million in first-day trading volume based on activity from other recently launched crypto ETFs.

The DOGE ETF converts Grayscale’s existing Dogecoin trust into an exchange-traded product. The fund tracks the price of Dogecoin and provides investors with a regulated way to gain exposure to the meme coin. Investors can access DOGE through the ETF without managing their own crypto wallets.

Grayscale is also launching its XRP ETF (GXRP) on the same day. This marks the second XRP spot ETF to hit the market. The Bitwise XRP ETF launched last week and generated close to $22 million in trading volume within hours.

Current Price Action Shows Weakness

Dogecoin is trading near $0.1457 and remains under pressure on the daily chart. The token sits below all major exponential moving averages including the 20, 50, 100, and 200-day EMAs. This positioning confirms the current bearish trend.

The 20-day EMA sits at $0.1612 and has rejected every recent bounce attempt. The price needs to break above this level for the downtrend to shift. The RSI indicator reads 36.39, which places it below 50 but above oversold territory.

The Bollinger Bands show the current price near the lower band at $0.1375. Trading close to this band suggests continued selling pressure. The bands have widened, indicating increased volatility that could push prices lower without strong buyer support.

Key Resistance Levels Ahead

Fibonacci analysis shows Dogecoin trading well below the 0.236 retracement level at $0.1653. This level represents the first barrier for any recovery attempt. Breaking above $0.165 is required for bulls to gain momentum.

Additional resistance levels exist at $0.1768 and $0.1840. These areas align with major EMA clusters. A sustained move above the $0.165 to $0.184 range would be needed for a trend reversal.

Support levels sit at $0.1375 for immediate defense. If the downtrend continues, further support zones appear at $0.125 and $0.110. The MACD indicator remains below zero but shows signs of convergence as histogram values decrease.

Trader Tardigrade has identified a potential Wyckoff Accumulation pattern forming since Dogecoin’s 2024 peak. The pattern has been developing for a year and recently reached its Phase C low. According to this analysis, Phase D should push DOGE back toward the upper range of the accumulation zone.

The fund’s launch provides a new avenue for institutional and retail investors to access Dogecoin. Canary Capital’s XRP ETF saw over $250 million in inflows on its first day earlier this month. Other firms including 21Shares and CoinShares are developing their own XRP products. 21Shares has also updated key details for its planned DOGE ETF, though it still awaits SEC approval.

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