Dogecoin Price Surges 10% as Bitwise Spot ETF Expected to Go Live Soon

Dogecoin price has seen a strong surge over the past day, rising above $0.17 with nearly 10% gains. The jump reflects improving market confidence and growing optimism surrounding the expected launch of the Bitwise Spot ETF later this November.

The wider crypto market crash over the last 7 days has begun to lessen, with a total recovery of 1.4% in the last 24 hours. Following a previous fall of 6% earlier, traders are tentatively returning to the market.

Bitwise Dogecoin ETF to Launch as SEC Countdown Begins

Bitwise is preparing to launch the first-ever spot Dogecoin ETF in the United States. On Thursday, the asset manager submitted its fourth amendment to the S-1 filing to the U.S. Securities and Exchange Commission (SEC). This action initiated a 20-day automatic time-out under Section 8(a), i.e., SEC has to move by November 12. Unless any objection is presented, the default approval of the ETF will be given.

The most recent filing eliminated the clause of delayed amendment, which indicates that Bitwise was ready to launch on time. The company also disclosed that the ticker symbol of the ETF is going to be BWOW and will be listed on NYSE Arca later in the month of November. Bitcoin will aim at providing direct exposure to Dogecoin, which will be based on the CF Dogecoin-Dollar U.S. Settlement Price Index.

The custodian of the DOGE holdings has been granted to Coinbase Custody. All the key details have been finalized, including fees and ticker, and the industry waits the reaction of the SEC. The prosperity might be a significant milestone of meme-coin ETFs entering into mainstream markets.

11.12 Billion DOGE Signal Strong Whale Activity

Dogecoin price is now facing a serious resistance at around the price of $0.20 following a huge build-up period. As data published by Glassnode, which was reported by analyst Ali, around 11.12 billion DOGE had been bought at this level.

As shown by the cost-basis distribution heatmap, this accumulation cluster is one of the important technical levels. This high amount of concentration leaves Dogecoin with little room to climb the next level, unless it can convincingly break above the $0.20 resistance level.

Dogecoin Price Eyes $0.20 As Bullish Momentum Builds.

The DOGE price traded at $0.1807 on November 8, showing signs of renewed bullish momentum.

The breakout of this could lead to a rally of up to $0.22 and even $0.25 in the next few sessions. With the Bitwise spot ETF expected soon, the long-term Dogecoin forecast remains bullish. However, if the bulls fail to hold above $0.18, a pullback toward $0.16 support remains possible.

The Moving Average Convergence Divergence (MACD) indicated a bullish crossover, and the MACD line crossed over the signal line. That trend tends to indicate increasing purchasing enthusiasm and a possible further upward trend. The Relative Strength Index (RSI) increased to 6,4, indicating a growing buying pressure in the market.