Dogecoin price has faced a 16% decline over the past week, following a bearish market trend. Despite this, the recent approval of the Grayscale Dogecoin ETF has sparked optimism for a potential rebound.
Investors are hopeful that the upcoming Grayscale ETF debut on November 24 could trigger a rally, driving Dogecoin toward the $0.20 mark.
DOGE price hit $0.13 recently and registered some improvement, and the successive bullish candles signified that buyers are buying at lower levels. The overall cryptocurrency market is converging, and such large-scale assets as Bitcoin, Ethereum, and Solana are following the same trend.
NYSE Approves Grayscale Dogecoin and XRP ETFs
The recent rise of Dogecoin price has also become a hot issue as the New York Stock Exchange (NYSE) accepted the listings of Dogecoin and XRP exchange-traded funds (ETFs) by Grayscale.
The acceptance is timed when the two cryptocurrencies are witnessing a rise in their trading volumes, indicating their increasing popularity. This will become a big milestone because the ETFs of Dogecoin and XRP, which will be launched by Grayscale, will be the first major altcoin funds to be introduced in the market.
Grayscale has already converted its old-time, privately-held trusts into ETFs and is now publicly traded. It will debut on November 24, which will further entrench the growing acceptability of altcoins in standard financial markets.
The ruling is part of a larger pattern of regulatory licenses of financial products in the cryptocurrency space, and more altcoin ETFs are becoming popular.
These new opportunities are very much welcomed by the investors, and this is supposed to bring additional liquidity and alternatives to the Dogecoin and XRP enthusiasts.
Could Dogecoin Price Be Ready for a Reversal After Recent Dip?
As of the reporting time, the DOGE price traded at $0.136, marking a slight decrease of 1.34% in the last 24 hours.
Regardless of this decline, the Dogecoin market exhibits indications of possible upward movement, and analysts identify key levels that will push the price upward in the next few days.
The Relative Strength Index (RSI) is 29, indicating that Dogecoin is in an oversold situation. This implies that there is the possibility of a rebound, with an RSI of less than 30 being a strong indicator of purchasing.
Dogecoin price is testing support near $0.136, with the next key target being around $0.15. A sustained breakout above this level could open the path toward $0.17.
The Dogecoin price outlook for long term could potentially target $0.20, marking a substantial surge of more than 40% move from its current level.
Source: DOGE/USDT 4-hour chart: TradingviewThe Moving Average Convergence Divergence (MACD) also favors a possible reversal. The MACD line is already below the signal line, but is narrowing and may soon cross over to form a bullish crossover. If the meme coin fails to hold the next support at around $0.13, downward pressure could intensify.
Source: https://coingape.com/markets/dogecoin-price-eyes-0-2-rally-ahead-of-grayscales-nyse-etf-debut-on-november-24/
