Dogecoin (CRYPTO: DOGE) has fallen more than 20% over the past month, yet key metrics are flipping bullish just as the first DOGE ETF appears poised for approval.
Trader Notes: Analyst Lark Davis noted Dogecoin is now sitting on a rare confluence of major support levels: a multi-year horizontal zone, a long-term trendline, and the weekly EMA200.
He called it the "line in the sand", a level where DOGE either holds and rebounds or breaks and accelerates lower.
Trader CW highlighted that Hyperliquid's top whale has begun closing out a large DOGE short, signaling diminishing conviction in further downside.
Crypto chart analyst Ali Martinez explained exchange supply turned positive for DOGE, reflecting sharp rebounds historically.
Statistics: On-chain data adds weight to the support case. Crypto chart analyst Ali Martinez reported 24.7 billion DOGE has been accumulated around $0.08, making it the most important support cluster on the chart.
Coinglass shows open interest has surged to $1.66 billion, the highest since early November, pointing to fresh demand and renewed trader engagement.
Polymarket data shows the probability of a DOGE ETF approval in 2025 has jumped to 99%, up from 78% as recently as September.
Community News: Bloomberg ETF analyst Eric Balchunas said Grayscale is on track to launch the first-ever Dogecoin ETF around Nov. 24, based on the SEC's 20-day review window — a timeline he called "highly favourable" under current regulatory guidance.
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