• Dogecoin shows a mild recovery with a 1.72% daily gain.
• Bitwise files an 8(a) form for Spot Dogecoin ETF approval.
• Technical indicators highlight resistance at $0.219 amid selling pressure.

Dogecoin (DOGE) shows a mild recovery as buying activity increases after recent losses. Over the past 24 hours, DOGE has gained around 1.72%, signaling a short-term bullish push. However, despite the daily uptick, the token remains down by 10.79% for the week.

At the time of writing, DOGE is trading at $0.1652, with a 24-hour trading volume of $1.91 billion, indicating stable trading activity. The market capitalization stands at $25.05 billion, marking a 1.7% increase in value.

Also Read: Dogecoin (DOGE) Builds Momentum: Can November Spark the Next Rally?

Bitwise Spot Dogecoin ETF Filing Fuels Investor Interest

In a notable development, Bloomberg Senior ETF Analyst Eric Balchunas has revealed that Bitwise submitted an 8(a) form for its Spot Dogecoin ETF. This filing is an automatic effectiveness application with U.S. securities exchanges, allowing the ETF to be approved for listing if the U.S. Securities and Exchange Commission (SEC) takes no action within 20 days.

Bitwise’s decision signals a strategic move to fast-track its ETF approval process. The approach highlights the firm’s growing confidence in the evolving regulatory environment for cryptocurrency-linked investment products. If approved, the Dogecoin ETF could mark a significant milestone by introducing a mainstream financial vehicle dedicated to one of the market’s most popular meme coins.

The potential listing highlights the rising interest of the institutional community in meme coins, largely due to the interest demonstrated by the retail community. The news has brought hope to the Dogecoin community, who believe that the possible listing is the beginning of the recognition of the token in the legitimate markets.

DOGE Charts Hint at $0.284 as Next Major Upside Target

From a technical point of view, Dogecoin is seen approaching the lower Bollinger Band at $0.154, showing strengthened selling pressure. Resistance levels are observed at $0.219 and then at $0.284, with the latter being the target if the momentum increases. A successful breakout at the resistance level of $0.219 could lead DOGE to target the $0.284 level.

On the downside, $0.154 appears to be the leading support level. Breaking below the same may trigger the retest of the levels of $0.130, which was acting as the accumulation point before the breakdown. The Relative Strength Index is currently standing at 41.68, depicting weak buying momentum. Until the moment the RSI moves beyond the 50 levels, the bearish pressure will be maintained.

Overall, Dogecoin is still in a neutral-to-bearish state but has the potential to reverse if a strong weekly close is achieved above the price of $0.22. In that respect, the way to the price target of $0.284 may become clearer, indicating optimism in the Dogecoin market.

Also Read: Dogecoin’s (DOGE) Slow Erosion: 40% Plunge Sparks Investor Fear