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The Dogecoin price dropped 4% in the last 24 hours to trade at $0.3510 as of 02:32 a.m. EST on trading volume that plunged 65% to $2.7 billion.
This comes as crypto fund manager Bitwise Asset Management officially filed for a DOGE exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC).
💥BREAKING: Bitwise files Dogecoin $DOGE ETF. pic.twitter.com/WxJOssCwwK
— Crypto Rover (@rovercrc) January 22, 2025
The application is the first attempt by any financial institution to bring a DOGE-related ETF into the highly regulated US market.
Dogecoin Price Poised For A Bullish Rally
The DOGE price showcases a well-defined uptrend followed by a consolidation phase.
The major bullish momentum began in late October, marked by a sharp price rally (indicated by the green arrow) that took the Dogecoin price from the support near the 200-day Simple Moving Average (SMA) around $0.21 to a high of approximately $0.45.
This rally demonstrated strong buying pressure, likely fueled by high trading volume during that period.
After hitting the $0.465 resistance level, the price of DOGE entered a consolidation phase, oscillating between $0.30 and $0.45, according to GeckoTerminal data.
The $0.30-$0.32 region has acted as a key demand zone, where buyers repeatedly stepped in to defend against further downside.
The price of Dogecoin has recently rejected the $0.45 resistance and is now trading near $0.35, hinting at indecision in the market.
Overall the DOGE pattern suggests the price is currently in a sideways consolidation phase, potentially building momentum for the next significant price move.
Meanwhile, the Relative Strength Index (RSI) is currently at 47.88, indicating neutral momentum. This level suggests that DOGE is neither overbought nor oversold.
If the RSI starts trending above 50, it could signal renewed buying pressure, while a dip below 40 might indicate increased bearish control.
DOGE Price Prediction
The Dogecoin price action suggests that DOGE is at a pivotal moment. The $0.30-$0.32 support zone is critical; as long as the price remains above this zone, the broader bullish trend remains intact.
A successful break above the $0.3645 level (50-day SMA) and sustained buying pressure could push the price back toward the $0.45 resistance. If this resistance breaks, the price of Dogecoin could rally toward $0.50 or even higher.
On the flip side, if the price breaks below the $0.30 support, a retest of the 200-day SMA near $0.21 could happen, which could attract long-term buyers.
As the DOGE price drops, investors are piling into a Pepe alternative presale called Wall Street Pepe (WEPE). Cryptonews, a popular YouTube channel with over 14.8k subscribers, says WEPE could be the next massive degen play.
Wall Street Pepe Presale Garners Over $57.3 Million—Last Chance To Buy Ahead Of Listing
The Wall Street Pepe presale is rapidly approaching $58 million in funds raised. Drawing inspiration from the iconic Wall Street Bets movement, WEPE embodies the same retail investor spirit that fueled the GME and AMC short squeezes.
At just five weeks old, the project has already announced its presale end date, leaving only 24 days for investors to act. Whales have quickly recognized the token’s potential, and one whale, tracked on Etherscan, invested nearly $500K in WEPE.
At its core, the project thrives on a community-driven ethos, which resonates strongly with both retail investors and degens.
Green loaded. Vibes coded. Join the ride. 🐸 ⚔️ pic.twitter.com/Nfh6xy7GGD
— Wall Street Pepe (@WEPEToken) January 21, 2025
The project offers alpha trading signals, simplifying market analysis and helping small traders identify opportunities in the market.
The WEPE token also offers a passive income opportunity through its staking feature, which delivers a stellar 21% annual percentage yield (APY).
You can buy WEPE tokens from the official website here for $0.0003665 using ETH, USDT, or a bank card.
Buy WEPE before the presale ends in slightly more than 24 days.
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