Dogecoin Price Prediction: DOGE Climbs 2% As SEC Acknowledges Grayscale Dogecoin ETF Filing, While Traders Buy This ICO For Potential BTC Ai...

Dogecoin's Price Rises as SEC Acknowledges Dogecoin ETF Listing Filing

The Dogecoin price witnessed a 2% increase in the past 24 hours, reaching $0.2661 as of 04:10 a.m. EST. Despite a 28% drop in trading volume to $1.4 billion, the rise coincides with the US Securities and Exchange Commission (SEC) acknowledging filings from crypto asset manager Grayscale to list a spot Dogecoin exchange-traded fund (ETF).

The SEC will now review Grayscale's Form 19b-4 filing and decide on the application within the required 240-day deadline.

Dogecoin Price Analysis: Potential Reversal or Further Decline?

Dogecoin is currently in a corrective phase following a bullish rally that peaked around $0.45. The price has retraced, trading near $0.2661.

A key support zone had formed between $0.296 and $0.32, but the price failed to hold above it, indicating bearish sentiment. Temporary support was found near the 200-day Simple Moving Average (SMA) at $0.2326, where the price is currently consolidating.

The 50-day SMA at $0.3245 is trending downward, suggesting short-term bearishness. The Relative Strength Index (RSI) of 39.81 indicates the asset is approaching oversold territory. An oversold bounce could lead to a potential reversal if supported by volume.

Dogecoin Price Prediction

Dogecoin is at a crucial point, consolidating above a key support level. The death cross and weakened RSI hint at a possible decline. Failure to hold above the 200-day SMA could lead to further retracement to $0.20 or $0.18.

However, if the RSI signals an oversold bounce and volume supports the move, the price could attempt a recovery towards $0.38–$0.40.