Dogecoin price was stuck in a tight range above an important support level ahead of the upcoming Bitwise DOGE ETF launch. DOGE token was trading at $0.1500, a few points above the key support at $0.1327. It remains 51% below the highest point this year.
Bitwise to Launch DOGE ETF
Dogecoin, the biggest meme coin in the crypto industry, has been in the spotlight this week for two main reasons. First, Grayscale launched GDOG, the first ETF based on the Securities Act of 1933. It joined the REX-Osprey Dogecoin ETF (DOJE), which was launched a few months ago using the Investment Company Act of 1940.
Second, Bitwise will launch its DOGE ETF (BWOW) today, Nov. 26. In an X post, the company said that the launch was because of the community push. It also pointed to its $22 billion market cap and over $1 billion in daily trading volume.
Still, there are signs that the fund will receive a mild reaction from American investors. Besides, Dogecoin is no longer as popular as it was before. Data shows that the cumulative inflows into the GDOG ETF stood at just $1.8 million, while the DOJE ETF holds less than $24 million months after its launch.
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Meanwhile, the Dogecoin price remained under pressure after reports said that the Department of Government Efficiency (DOGE) no longer exists. According to Reuters, the department has shut down with eight months left on its mandate.
DOGE’s activity has been relatively muted after Elon Musk left the entity a few months ago. He abandoned it as his relationship with Donald Trump soured, and the Tesla stock dropped.
Dogecoin Price Technical Analysis
The daily chart shows that the DOGE price has remained under pressure in the past few months. It plunged to the current $0.15 from the year-to-date high of $0.3076.
Dogecoin has formed a death cross pattern as the 50-day and 200-day Exponential Moving Averages (EMA) crossed each other. It has moved below the Supertrend indicator.
DOGE token is now hovering above the important support at $0.1327. This is a key level as it was its lowest level in April and November this year.
Therefore, a drop below that support level will point to more downside, potentially to the psychological point at $0.100, which is about 35% below the current level. A move above the 50-day moving average at $0.1790 will point to more gains.
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