Dogecoin Drops 6.63% After Brief Rally Amid ETF Speculation
Dogecoin (DOGE) showed significant volatility in the last 24 hours, peaking at $0.20 before dropping to $0.191, marking a 6.63% fluctuation.
The coin formed a V-shaped recovery pattern, rebounding to $0.192 with increased trading volume, although resistance remains strong above $0.20.
News Background
- Renewed interest in meme tokens follows recent crypto market fluctuations.
- Speculation on a potential DOGE ETF shows a 51% chance of SEC approval by 2025, which could attract institutional investment.
- Integration with Coinbase’s Base network introduces wrapped DOGE into DeFi ecosystems.
- High-volume support near key levels indicates possible accumulation by institutional investors.
Technical Analysis Breakdown
- DOGE moved from $0.196 to $0.204 (4.08%) before reversing to $0.191 (6.63% range).
- Resistance confirmed at $0.203–$0.204 after three rejections with heavy volume (>1B units).
- Support established at $0.192, with rebounds despite market weakness.
- Final drop from $0.192 to $0.190 followed by a quick recovery to $0.192.
- Accumulation signs appeared with volume exceeding 2.3M in the final minutes.