Dogecoin Price Eyes Breakout As Bulls Challenge Bearish Trend

The Dogecoin price has slumped over 1% in the last 24 hours to trade at $0.3324 as of 3:25 a.m. EST on a 40% plunge in trading volume to $1.89 billion.

The price of Dogecoin (DOGE) has dropped over 1% in the last 24 hours to trade at $0.3324 as of 3:25 a.m. EST on a 40% plunge in trading volume to $1.89 billion. This drop in the DOGE price comes despite Bitwise’s recent SEC (Securities and Exchange Commission) filing to launch a Dogecoin ETF, which aims to track the meme coin’s price movements closely.

According to Bitwise’s Jan. 28 S-1 filing, the proposed Bitwise Dogecoin ETF would hold DOGE and mirror its price fluctuations.

#Bitwise filed an S-1 with the #SEC for a spot #Dogecoin #ETF, which means their plan to launch it is now official. They submitted the filing on January 28, following a heads-up they gave on January 22 when they registered in Delaware. It’s something people expected, but now it’s… pic.twitter.com/S4BQb62qlD

— Crypto-00711 (@00711Crypto) January 29, 2025

Bloomberg ETF analyst James Seyffart noted on X that Bitwise had already filed to register a Dogecoin trust in Delaware on Jan. 22. He also pointed out that issuers like Osprey, REX Shares, and Tuttle Capital are testing SEC limits with various meme coin ETF proposals, including 10 leveraged crypto ETFs from Tuttle.

Dogecoin Price Signals A Rebound From A Strong Support

The Dogecoin price shows promising signs of a bullish breakout as it trades at $0.3324. DOGE has fluctuated within a daily range of $0.3182 to $0.3328, indicating an ongoing battle between buyers and sellers at key levels. The chart also highlights that the meme coin is testing the upper boundary of a descending bearish channel, indicating that a breakout above this level could initiate a strong upward rally.

DOGEUSD Analysis Source: Tradingview

The support level at $0.3186 has been acting as a solid foundation, preventing further downside moves. If DOGE maintains this level and pushes higher, it must break the critical resistance at $0.3790 to confirm a bullish reversal. A successful breakout could open the door for DOGE to surge toward $0.45 and eventually $0.50, where the next major resistance lies. However, if DOGE fails to break through resistance, it could face a retracement toward $0.28 or even $0.25 in an extended correction phase.

Dogecoin Price Eyes Breakout As Bulls Challenge Bearish Trend

The Relative Strength Index (RSI) is currently at 49.84, indicating that bulls and bears are evenly matched. This also means that DOGE is not in overbought territory, leaving room for further upside potential. If the RSI moves above 50 and trends toward 60, it would signal increasing buyer strength. This could reinforce the breakout scenario.

DOGE is at a critical inflection point. The bearish channel that has dominated price action since mid-December is being tested, and the next few trading sessions will determine whether bulls can regain control.

If buying volume increases, a bullish rally toward $0.50 and beyond could be on the horizon. Conversely, a rejection from current levels could see DOGE retest its lower support zones, making it crucial for traders to monitor key price levels and momentum indicators before making their next move.

Investors Pouring In For Wall Street Pepe Presale – Only 18 Days Left!

As Dogecoin traders anticipate a potential rebound, investors are turning to Wall Street Pepe (WEPE), a new frog-themed meme coin that has already raised over $63.6 million in presale.

With just 18 days left, excitement is building around what could be one of 2025’s biggest ICOs.

Making calls. Numbers go up. Getting it done. 🐸⚔️ pic.twitter.com/di6kxYJjLU

— Wall Street Pepe (@WEPEToken) January 27, 2025

The project is building a collaborative platform to help members share market insights, spot early trade opportunities, and work together to achieve impressive returns. Its ultimate goal is to level the playing field for smaller investors and challenge the dominance of whales in the crypto market.

The project has already gained recognition from 99Bitcoins, a popular crypto YouTube channel with more than 722K subscribers. In a recent video, an analyst from the channel ranked WEPE among the top five cryptos with 10x potential.

Currently, the presale price for WEPE is $0.0003665 per token, and the crypto can be bought with either ETH