Dogecoin Price Climbs Above $0.17 Amid Growing Market Optimism
Dogecoin (DOGE) price surged past the $0.17 mark, gaining nearly 8% over the past 24 hours as market sentiment showed signs of improvement. This rally follows rising optimism surrounding the anticipated introduction of the Bitwise Spot ETF, expected towards the end of November.
After a challenging week marked by a broader crypto market crash, conditions are beginning to stabilize. The market has recovered approximately 1.4% in the last 24 hours, with traders cautiously returning following a 6% decline earlier in the week.
**Bitwise Dogecoin ETF to Launch as SEC Countdown Begins**
Bitwise Asset Management is preparing to launch the first-ever spot Dogecoin ETF in the United States. On Thursday, the firm submitted its fourth amendment to the S-1 filing with the U.S. Securities and Exchange Commission (SEC). This submission triggered a 20-day automatic review period under Section 8(a), requiring the SEC to act by November 12.
Unless the SEC raises objections, the ETF is set for default approval. The most recent filing removed the clause allowing for delayed amendments, signaling Bitwise’s readiness to launch on schedule. Additionally, the company revealed that the ETF will trade under the ticker symbol **BWOW** and will be listed on NYSE Arca later in November.
The ETF aims to provide direct exposure to Dogecoin, based on the CF Dogecoin-Dollar U.S. Settlement Price Index. Coinbase Custody will serve as the custodian for DOGE holdings. With key details finalized—including fees and ticker—industry watchers eagerly await the SEC’s decision. If approved, this could mark a significant milestone for meme-coin ETFs entering mainstream markets.
**11.12 Billion DOGE Signals Strong Whale Activity**
Dogecoin is now encountering strong resistance near the $0.20 level following a substantial accumulation phase. Data from Glassnode, reported by analyst Ali, indicates that approximately **11.12 billion DOGE** were purchased at this price point.
The cost-basis distribution heatmap reveals this accumulation as one of the most important technical levels for DOGE. This large concentration of holdings could limit Dogecoin’s ability to break through the next resistance, unless it convincingly surpasses the $0.20 threshold.
**Dogecoin Price Eyes $0.20 as Bullish Momentum Builds**
As of November 8, DOGE traded at $0.1807, showing signs of renewed bullish momentum. A successful breakout above current resistance could propel the price toward $0.22, and potentially $0.25, over the coming sessions.
With the Bitwise spot ETF launch on the horizon, the long-term outlook for Dogecoin remains optimistic. However, if buyers fail to maintain price levels above $0.18, a pullback toward the $0.16 support level is possible.
Technical indicators support this bullish outlook: the Moving Average Convergence Divergence (MACD) recently formed a bullish crossover, with the MACD line crossing above the signal line—often a sign of increasing buying enthusiasm and potential upward trends. Meanwhile, the Relative Strength Index (RSI) rose to 64, indicating growing buying pressure in the market.
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In summary, Dogecoin’s price action combined with upcoming ETF developments and strong whale activity suggest a potentially exciting period ahead for the popular meme coin. Traders and investors will be closely watching the critical $0.20 resistance level and the SEC’s decision on the Bitwise ETF in the days to come.
https://bitcoinethereumnews.com/tech/dogecoin-price-reacts-as-bitwise-spot-etf-expected-to-go-live-in-late-november/
