"Despite Positive Update: Dogecoin (DOGE) Price Fails to Break Above $0.24 Resistance"

"Dogecoin (DOGE) recently received a positive update: the U.S. Securities and Exchange Commission (SEC) officially acknowledged Nasdaq’s filing to list and trade shares of the 21Shares Dogecoin ETF."

U.S. regulators are reviewing applications for bitcoin and ether ETFs, while several other cryptocurrencies, notably Dogecoin (CRYPTO: DOGE), are also awaiting approval for their own exchange-traded funds.

Here’s the latest update on the status of the pending Dogecoin ETFs with the Securities and Exchange Commission.

What Happened: The SEC has officially acknowledged Nasdaq’s filing to list and trade shares of the 21Shares (CRYPTO: EFIG) Dogecoin ETF, kicking off the regulatory review process.

The ETF, which will track the price movements of Dogecoin, is applying to be listed on Nasdaq Global Select Market.

The news comes after the SEC had previously delayed its decision on several spot bitcoin ETFs, which are now in the final stages of approval.

The agency is reviewing applications for the ProShares (NYSE: IVOO) Bitcoin Strategy ETF and the WisdomTree (NYSE:WTI) Bitcoin Trust, both of which are applying to be listed on New York Stock Exchange.

The SEC is also reviewing an application for the Bitpolio Ether Strategy ETF, which is applying to be listed on Nasdaq.

Dogecoin Price Action: Dogecoin is trading at $0.2428 and has risen 0.81% in the past 24 hours.

DOGE Price Movement:

* 24-hour high (intraday): $0.2423

* 24-hour low (intraday): $0.2396

* 7-day high (intraday): $0.2423

* 7-day low (intraday): $0.2111

Dogecoin (DOGE): A Technical Analysis

Dogecoin's price recently encountered resistance around the $0.24 mark, setting the stage for potential consolidation or further downside.

Examining the 4-hour chart, we can observe that DOGE is currently trading below the 20 EMA at $0.23042, with the 50 EMA at $0.21889 acting as a nearby support level. The 100 EMA, located at $0.20410, marks the next significant support zone if the price fails to maintain its current support.

The Relative Strength Index (RSI) has slipped to 46.60, falling below the neutral 50 mark. This shift indicates a decline in buying pressure, suggesting that bears might be gaining a slight upper hand in the short term.

Moreover, the MACD histogram is flattening, hinting at a possible bearish crossover if momentum fails to return quickly.

Volume has also pulled back from the ETF announcement rally, implying reduced participation. Without a noticeable surge in spot buying interest, DOGE might continue to move sideways or face additional downward pressure.

If DOGE manages to close above $0.24 with strong volume, it could set the stage for a potential rally toward the next resistance at $0.265. However, if the price breaks below the $0.218 level, it might fall toward $0.20—a psychologically crucial support zone.

A further breakdown below $0.20 could open the door for a move toward the $0.182 area, where the 200 EMA is currently located.