Dogecoin prices rose 2% in the past 24 hours and were trading at $0.2661 as of 4:10 a.m. ET, while trading volume fell 28% to $1.4 billion.
The rise in DOGE prices is related to the U.S. Securities and Exchange Commission (SEC) confirming the application submitted by crypto asset management company Grayscale to list a spot Dogecoin exchange-traded fund (ETF). The agency will now begin reviewing Grayscale's Form 19b-4 application and make a decision within the stipulated 240 days.
NEW: Coming - the SEC just confirmed @Grayscale and @NYSE's 19b-4 filing to list an XRP ETF (this was largely expected, but officially means the clock will start on DOGE and XRP soon) pic.twitter.com/IQgTqPiiOe
— James Seyffart (@JSeyff) February 13, 2025
Dogecoin Price Analysis: Potential Reversal or Further Downside?
DOGE price is currently in a correction phase after a strong bull run that saw the price peak at around $0.45. The Dogecoin price has retraced significantly and is now trading at around $0.2661.
According to GeckoTerminal, DOGE then formed a critical support range between $0.296 and $0.32 (marked in purple). However, it failed to hold this support and broke out, indicating a bearish turn in sentiment.
Recently, DOGE price found temporary support near the 200-day Simple Moving Average (SMA) at around $0.2326. The price of Dogecoin is now consolidating above this level and a rebound could occur if buyers regain control.
Meanwhile, the 50-day SMA (white line) is currently at $0.3245 and is trending down, suggesting bearish sentiment in the short term.
The relative strength index (RSI) is at 39.81, which suggests that the asset is close to oversold territory. An RSI below 40 usually suggests a potential reversal, especially on volume support.
DOGE Price Prediction
DOGE price is at a critical crossover and is consolidating above a key long-term support level. The death cross and weak RSI hint at a possible downside. If DOGE fails to stay above the 200-day SMA, the price could drop to $0.20 or even $0.18, marking a deeper retracement before any rally.
However, if the RSI signals an oversold bounce and the volume supports this move, Dogecoin price may attempt to recover with potential targets at $0.38–0.40.
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Our system failed. So we created a new one. BTCBULL is leading the way. pic.twitter.com/DSoZ7fPzt8
— BTCBULL_TOKEN (@BTCBULL_TOKEN) February 11, 2025
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