TLDR
- DOGE retreated 10% following REX-Osprey ETF debut that attracted $50M in initial trading
- Double top formation completed with price reaching technical target of $0.238
- ETF assets under management hit $4 million as institutional interest grows
- Critical support at $0.22 could determine next directional move
- Bulls eye $0.40 breakout level for potential push toward $1 target
Dogecoin experienced a sharp correction to $0.238 following a 10% decline over 24 hours. The selloff occurred despite the milestone launch of the first regulated Dogecoin exchange-traded fund.
The REX-Osprey Dogecoin ETF ($DOJE) made its trading debut on Thursday. Within minutes of opening, the fund recorded over $50 million in trading activity from institutional and retail participants.
Current data shows ETF assets under management have reached $4 million. This marks a historic moment for meme coin investing as traditional finance embraces digital assets.
Trading volumes across Dogecoin markets exploded by 200% to reach $5 billion. The surge represents approximately 14% of the token’s total market capitalization.
Market-wide liquidations approached $2 billion as volatility spiked across crypto assets. The aggressive selling caught many leveraged positions off-guard during the session.
Technical Patterns Signal Bearish Momentum
Chart analysis reveals a completed double top formation on DOGE price action. Two failed attempts to break higher preceded the breakdown below the $0.27 neckline.
The pattern’s measured target sits at $0.238 where price currently trades. Technical analysts view this level as the primary downside objective from the formation.
Immediate resistance now stands at $0.27 with a daily close above $0.28 needed to invalidate the bearish setup. Price action below the neckline favors continued downside pressure.
Alternative analysis points to a successful retest of a major descending trendline. The previous resistance line had capped rallies for several months before being overcome.
Support has emerged in the $0.24-$0.25 zone during the current pullback. This range could provide a platform for renewed upward momentum if it holds.
Key support sits at $0.22 which could trigger a powerful bounce if reached. A failure at this level would open the door to deeper corrective action.
Dogecoin Price Prediction
On-chain metrics provide mixed signals for future price direction. Market Value to Realized Value has increased but remains below previous cycle peaks.
DOGE has maintained a trading range between $0.20-$0.25 since 2023. Many analysts interpret this as base-building rather than distribution activity.
The circulating supply holds steady at 151.04 billion tokens with no major changes expected. Volume-to-market cap ratio reached 13.04% indicating heightened interest from all participant types.
If the $0.22 support level holds, momentum targets point to $0.30 as the next major resistance. Further upside objectives include the $0.32-$0.35 range where DOGE traded earlier this year.
A breakout above $0.40 would confirm bullish scenarios and potentially open price discovery toward $1. The new ETF structure could provide sustained institutional buying pressure to support such moves.
Current market cap stands near $36 billion with the ETF launch potentially attracting additional capital flows. Wall Street’s entry into meme coin investing represents a new dynamic for the asset class.
