**Dogecoin Price Surges Over 12% Amid ETF Approval Anticipation**
Dogecoin (DOGE) experienced a notable rally this week, with its price surging more than 12% in a single day to break above the $0.17 mark. This bullish momentum comes as investors grow increasingly optimistic about the potential approval and launch of Bitwise’s Spot Dogecoin ETF, expected by November 12.
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### Bitwise Moves Closer to Launching First Spot Dogecoin ETF
Bitwise Asset Management recently filed its fourth amendment to the S-1 registration form with the U.S. Securities and Exchange Commission (SEC). This submission triggered a 20-day automatic waiting period under Section 8(a), requiring the SEC to respond by November 12. If no objections are raised by then, the ETF will be approved by default.
Notably, the latest amendment removed the clause for delayed effectiveness, signaling Bitwise’s readiness to proceed. Upon approval, the fund will trade under the ticker symbol “BWOW” on the NYSE Arca exchange and directly track the CF Dogecoin-Dollar U.S. Settlement Price Index. Coinbase Custody will handle custody of DOGE holdings for the fund, with all fees, structure, and custody arrangements now finalized.
This development marks a significant milestone for meme-based assets entering the traditional finance arena, with market participants closely monitoring the SEC’s decision.
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### Strong Resistance Near $0.20 Due to Whale Accumulation
Dogecoin faces a key resistance level around $0.20, created by substantial investor activity. On-chain data from Glassnode highlights that approximately 11.12 billion DOGE tokens were accumulated near this price point. This dense concentration forms a significant selling pressure zone, as identified by cost-basis distribution heatmaps.
For Dogecoin to sustain its upward trajectory, breaking through this $0.20 resistance with robust trading volume is crucial. Failure to overcome this barrier could result in sideways consolidation or a price retracement. A successful breakout, however, would shift attention to the next resistance level around $0.22.
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### Bullish Technical Indicators Signal Short-Term Strength
As of November 8, Dogecoin was trading at approximately $0.1807. Technical analysis on the 4-hour DOGE/USD chart reveals growing bullish momentum:
– The Moving Average Convergence Divergence (MACD) line has crossed above the signal line, indicating increasing buying activity.
– The Relative Strength Index (RSI) has risen to 64, reflecting stronger short-term demand.
These signals suggest traders are positioning for a potential continuation of the uptrend. However, a dip below $0.18 could prompt a retest of the $0.16 support zone. Short-term traders are closely watching these levels in anticipation of further news regarding the ETF approval. A positive SEC decision could serve as a catalyst for higher prices in the near term.
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### Broader Crypto Market Sees Mild Recovery; Dogecoin Leads Gains
The overall cryptocurrency market is gradually recovering from earlier losses. After dropping nearly 6% over the past week, the market rebounded by 1.4% in the last 24 hours. Dogecoin’s standout performance during this bounce highlights growing interest and renewed positive sentiment around meme coins.
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**Conclusion**
Dogecoin’s recent price surge and strong technical signals, coupled with the impending potential approval of Bitwise’s Spot DOGE ETF, have created a favorable environment for the cryptocurrency. Investors and traders alike are watching the $0.20 resistance level closely, as breaking through it could pave the way for further gains. The coming weeks will be critical in determining Dogecoin’s trajectory amid broader market recovery and industry developments.
https://coincentral.com/dogecoin-price-jumps-12-as-bitwise-spot-etf-launch-nears-this-november/