Dogecoin Price Surges with Bitwise Spot ETF Anticipation, Targets $0.18 Resistance

Within the last 24 hours, Dogecoin’s valuation has witnessed a remarkably vigorous rise, surging past $0.18 and marking a nearly 11% increase. This rapid climb is a reflection of the regained confidence in the market and increasing anticipation concerning the introduction of Bitwise’s Spot ETF, which some experts expect to debut by mid-November.

The broader cryptocurrency market, after enduring a downturn over the past week, has begun to recover, showing a slight rebound of about 1.5% within the last day. This follows a previous 5.5% decline, which had left traders hesitant. However, market activity is beginning to pick up as renewed interest brings traders back into the fold.

Bitwise is on the cusp of launching the US’s inaugural spot Dogecoin ETF, following its strategic filing of the fourth amendment to the S-1 application with the U.S. Securities and Exchange Commission (SEC) this past Thursday. This filing has triggered a 20-day countdown under Section 8(a), compelling the SEC to act by November 13. In the absence of objections, this silence would automatically sanction the ETF.

In its latest filing, Bitwise removed any possibility of amendment delay, signaling its readiness for a timely rollout. It has revealed that the ETF’s ticker will be BWOW, scheduled for listing on NYSE Arca later in November, while aiming to give investors direct exposure to Dogecoin via the CF Dogecoin-Dollar U.S. Settlement Price Index. As part of the preparations, Coinbase Custody has been selected as the custodian for DOGE holdings, solidifying plans for this groundbreaking financial product, which many believe could mark a turning point for meme-coin ETFs in mainstream finance.

The interest in Dogecoin is further bolstered by significant whale activity, with approximately 11.5 billion DOGE acquired at a significant resistance point of near $0.21, as reported by analyst Ali using data from Glassnode. This huge accumulation represents a critical technical threshold. For Dogecoin to advance, breaking this level is essential. Otherwise, it might face headwinds that could slow its upward momentum.

Trading at around $0.1825 as of November 8 reflects expanding bullish sentiment in Dogecoin’s movement. A breakthrough at this resistance level could spur further growth, potentially reaching $0.23 if the momentum sustains. The forthcoming launch of the Bitwise Spot ETF is bolstering positive long-term projections for Dogecoin. Nevertheless, should the digital currency not maintain its newfound levels above $0.18, it risks retracting towards a support boundary of $0.16.

Technical indicators present a promising outlook, with the Moving Average Convergence Divergence (MACD) charting a bullish crossover—an event that typically signals increased buying interest and potential price ascension. Additionally, the Relative Strength Index (RSI) rose to 64, indicating substantial buying pressure in the token’s market.

As the crypto market prepares to possibly welcome mainstream participation through financial instruments like the Bitwise Dogecoin ETF, enthusiasts remain attentive. These developments underscore a trajectory where digital currencies are more deeply integrated into the broader financial system. As the situation evolves, stakeholders await further signals from regulators and the market itself, which could provide cues on the lasting impact of these initiatives.