DOGE Price Aims For $0.20 As Grayscale ETF Listing Nears This Week
TLDR
- DOGE trades at $0.136 after falling 16% in the past week amid broad market weakness.
- Grayscale Dogecoin ETF to debut on NYSE on November 24, drawing investor attention.
- RSI at 29 signals DOGE is oversold and could rebound as buyers step in at lower levels.
- MACD suggests bullish crossover could soon form, backing recovery prospects toward $0.20.
Dogecoin is gaining attention once again as its price shows early signs of recovery ahead of a major event. The upcoming debut of the Grayscale Dogecoin ETF on the New York Stock Exchange on November 24 has sparked renewed optimism among investors. Despite recent market weakness, technical indicators and rising trading volumes suggest Dogecoin could be preparing for a rebound, with eyes set on the $0.20 price level.
Grayscale’s ETF Launch Set for November 24
Grayscale has received approval from the New York Stock Exchange (NYSE) to list Dogecoin and XRP ETFs. These will be among the first altcoin ETFs to launch in the U.S. market, with the official debut set for November 24. The listing marks a transition of Grayscale’s former private trusts into publicly traded funds.
The ETF approval has raised investor interest, especially in Dogecoin, which has seen growing trading volumes. The Grayscale Dogecoin ETF may offer traditional market exposure to DOGE and increase its accessibility. This move could add liquidity and new participation from retail and institutional investors alike.
Dogecoin’s Price Movement Shows Early Recovery Signs
Dogecoin’s price has declined by 16% in the past seven days, falling in line with broader crypto market consolidation. However, the price recently rebounded from a low of $0.13 and is currently trading around $0.136. This level is being tested as a short-term support.
Technical indicators suggest possible bullish momentum building up. The Relative Strength Index (RSI) stands at 29, indicating oversold conditions. This typically signals that buyers may start accumulating, which could lead to a price bounce. Analysts suggest that if Dogecoin holds above $0.13 and breaks through $0.15, a move toward $0.17 and potentially $0.20 could follow.
MACD Indicator Supports Possible Bullish Crossover
The Moving Average Convergence Divergence (MACD) indicator shows narrowing between the MACD and signal lines. Although the MACD line is still below the signal line, this trend often precedes a bullish crossover. Such crossovers are seen as potential triggers for price reversals.
Traders are closely watching the $0.15 resistance level. A confirmed breakout above this point could lead to increased momentum. If buying volume continues to rise ahead of the ETF launch, Dogecoin could aim for the $0.17 level next.
Market Sentiment Improves as ETF Launch Nears
The listing of Dogecoin and XRP ETFs on the NYSE is viewed as a development that may increase market trust in altcoins. While Bitcoin, Ethereum, and Solana are also seeing consolidation, the acceptance of DOGE and XRP by traditional exchanges may improve long-term investor confidence in these assets.
As the ETF launch approaches, Dogecoin’s trading activity has picked up, suggesting growing anticipation. If the upward trend continues, DOGE could break out of its current range. Traders are monitoring price patterns closely in the days leading up to November 24.
The post DOGE Price Aims For $0.20 As Grayscale ETF Listing Nears This Week appeared first on CoinCentral.
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