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Dogecoin Price (DOGE) Prediction – Key Support Intact But Bulls Face Challenges

Dogecoin is holding the key support at $0.0595 against the US Dollar. DOGE could start a fresh increase if there is a clear move above $0.062 and $0.0635.

  • DOGE started a fresh decline and retested the $0.0595 level against the US dollar.
  • The price is trading below the $0.062 level and the 100 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.0610 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
  • The price could struggle to clear the $0.0615 and $0.0620 resistance levels.

Dogecoin Price Holds Support

After struggling to clear the $0.0635, Dogecoin price started a fresh decline. DOGE declined below the $0.0612 level and even spiked below $0.060.

A low was formed near $0.0593 and is currently correcting losses, like Bitcoin and Ethereum. There was a move above the $0.0602 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.0634 swing high to the $0.0593 low.

DOGE is now trading below the $0.0615 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.0610 level. There is also a key bearish trend line forming with resistance near $0.0610 on the 4-hour chart of the DOGE/USD pair.

The first major resistance is near the $0.0615 level. It is near the 50% Fib retracement level of the downward move from the $0.0634 swing high to the $0.0593 low.

Dogecoin Price (DOGE) Prediction

Source: DOGEUSD on TradingView.com

A close above the $0.0615 resistance might send the price toward the $0.0635 resistance. The next major resistance is near $0.0650. Any more gains might send the price toward the $0.0685 level.

Are Dips Supported in DOGE?

If DOGE’s price fails to gain pace above the $0.0612 level, it could start another decline. Initial support on the downside is near the $0.060 level.

The next major support is near the $0.0595 level. If there is a downside break below the $0.0595 support, the price could decline further. In the stated case, the price might decline toward the $0.055 level.

Technical Indicators

4 Hours MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.

4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now near the 50 level.

Major Support Levels – $0.060, $0.0595, and $0.0550.

Major Resistance Levels – $0.0612, $0.0635, and $0.0650.

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Bloomberg Analysts Say Ethereum Futures ETFs Could Start Trading Soon – Here’s When

According to Bloomberg analysts, Ethereum futures ETFs (exchange-traded funds) could start trading for the first time in the United States as early as next week. This comes just a few hours after the US Securities and Exchange Commission (SEC) delayed decisions on Ark Invest and VanEck ETH spot ETF applications.

Why Ethereum Futures ETFs Could Launch Next Week 

On September 28, Bloomberg Analyst Eric Balchunas said – via a post on X (formerly Twitter) – he was hearing that the SEC wants to accelerate the launch of Ether futures ETFs. Balchunas stated that the commission wants it “off their plate” before the potential US government shutdown. 

The United States government faces a possible partial shutdown at 12:01 a.m. ET on October 1 if Congress fails to pass spending bills for the coming fiscal year, potentially affecting most government agencies’ non-essential operations.

The Bloomberg analyst claims that, in anticipation of this scenario, various Ethereum futures ETF applicants have been asked to update their documents by Friday afternoon in order to commence trading as early as Tuesday, the 3rd of October. 

James Seyffart, another Bloomberg ETF analyst, responded to Balchunas’ revelation, saying that it appears that “the SEC is gonna let a bunch of Ethereum futures ETFs go next week potentially.” It is worth noting that neither of the analysts divulged their sources for this latest development.

According to an earlier note from the analysts, there are 15 ETH futures ETFs from at least nine issuers awaiting the SEC’s approval. In their analysis, Balchunas and Seyffart put forward a 90% chance of Ethereum futures ETFs launching in early October.

The note read:

Ethereum futures ETFs have a 90% chance of launching in October, we believe, with Valkyrie’s Bitcoin futures ETF (BTF) poised to become the first to hold Ethereum exposure on Oct. 3 after a strategy change. We expect pure Ethereum futures ETFs to start trading the following week thanks to Volatility Shares” actions.

Spot Ethereum ETFs In Limbo?

Before this latest update on ETH futures ETFs emerged, the United States Securities and Exchange Commission had pushed the deadlines for ARK 21Shares and VanEck’s Ether spot ETF applications. In separate filings, the commission stated that it would designate a longer period on whether to take action on a proposed rule change for the listings of these Ethereum spot ETFs.

The SEC said:

The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.

The Securities and Exchange Commission also mentioned that it received no public comments on either proposal. Meanwhile, it set December 25 (for VanEck) and December 26 (for ARK 21Shares) as the new deadline for another delay or decision on the Ethereum spot ETFs.

The approval of an ETH spot exchange-traded fund is highly anticipated due to its potential positive impact on the Ethereum price, which has been struggling in the past few weeks. As of this writing, Ether is valued at $1,617, reflecting a 1.6% price jump in the past 24 hours.

Ethereum Futures ETFs

 

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Analyst Presents 4 Charts That Prove Crypto Is Not Dead

As the crypto market faces constant volatility challenges and regulatory pressures, major cryptocurrencies have experienced significant declines and slowed growth over the years. However, a new chart report has revealed that despite these downward trends, the crypto industry is still achieving new milestones in terms of adoption. 

Chart Reveals Crypto Adoption On The Rise

The broader crypto market has been recovering at a snail’s pace since the crypto crash in 2021. Cryptocurrencies were at their peak during this time, and Bitcoin had the highest growth rate, reaching a price of over $60,000 while Ethereum’s price was around $4,000. 

However, the upward trend was short-lived and the industry was hit with many challenges including regulatory hurdles that restricted its advancement into different regions and market forces which constantly caused instability in crypto prices. 

Amid all this, DeFi Researcher, Thor Hartvigsen has presented in an X (formerly Twitter) post, chart reports that display the continuous growth in adoption of the crypto industry despite negative trends in the ecosystem. 

Hartvigsen disclosed the four charts showed an increase in crypto adoption in the industry. One of the charts shows a spike in total daily wallets for users in the Ethereum and Layer 2 (L2) landscape which was previously in a bear market.

Another chart reveals a surge in traction in decentralized stablecoins which have been in decline since August 2022. 

The third chart illustrates Ethereum’s growth rate over the years, surpassing $10 billion in revenue and promoting the emergence of innovative businesses in the crypto industry.

The last chart shows liquid staking at an all-time high, growing from $7.9 billion to more than $20 billion in 2023. This report also adds to recent data which revealed a spike in liquid staking platforms in the United States after hitting 370,000 Ether (ETH) in only five days and reaching a new milestone of $20 million staked ether. 

Crypto total market cap chart from Tradingview.com

Major Incentives Driving Growth Rates

The evolution of the crypto industry has been pushed back a couple of years following the Terra Luna crash which saw one of the largest stablecoins declining by 99%. 

After the LUNA crash, the crypto industry suffered another loss from the FTX descent and insolvency. The industry has been under scrutiny by major regulatory authorities like the United States Securities and Exchange Commission (SEC). 

There have also been multiple crypto scams, rug pulls, and cyber attacks over the years on major exchange platforms and marketplaces in the industry. 

Presently, the crypto industry is slowly gaining back its strength and advancing rapidly, as seen in some major innovative developments like the integration of spot Bitcoin ETFs, and Ethereum spot ETFs.

The ecosystem is also thriving with new infrastructure upgrades and improvements in the DeFi ecosystem, ensuring the sustainability and longevity of the industry.