Dogecoin Price Performance
The Dogecoin price has experienced a 6% decline in the last 24 hours, trading at $0.1633 as of 2:42 a.m. EST. This movement occurred alongside a significant surge in trading volume, which skyrocketed by 115% to reach $3.5 billion.
This price action follows Elon Musk's recent tweet on X, stating “It’s time,” which reignited his 2021 promise to send a literal Dogecoin to the moon via SpaceX's DOGE-1 mission.
It’s time 😀
— Elon Musk (@elonmusk) November 3, 2025
Musk's ongoing engagement with Dogecoin has historically influenced its price, with his tweets often leading to significant market movements. He has consistently championed DOGE as the "people's crypto" and has supported the notion of it becoming the currency for Mars.
Crypto ETFs Advance Despite Regulatory Uncertainty
In parallel developments, Bitwise and Grayscale have announced the management fees for their forthcoming XRP and Dogecoin Exchange-Traded Funds (ETFs). This announcement comes even though the U.S. Securities and Exchange Commission (SEC) has not yet granted official approval for these products.
Bitwise and Grayscale are pushing ahead to launch #Dogecoin ETFs without SEC’s green light.
Revealing the management fee of 0.35%. pic.twitter.com/Df09i9qnCM
— dogegod (@_dogegod_) November 4, 2025
This proactive approach to listing ETFs without explicit SEC sign-off mirrors Grayscale's recent strategy with its Solana ETF, which was launched without formal approval.
Grayscale intends to set a 0.35% fee for both its XRP and Dogecoin ETFs, as indicated in recent filings.
The current regulatory climate, influenced by a recent government shutdown and updated procedural processes, has inadvertently created an opportunity for crypto firms to list ETFs without encountering the typical SEC delays.
The successful launch of these ETFs could signify a new phase for digital asset investments in the United States, providing crypto companies with greater scope for innovation amidst ongoing regulatory ambiguity.
Dogecoin Price Under Bearish Pressure
Following an attempt to regain the $0.30 range earlier this year, the DOGE price has entered a sustained downtrend, breaking below key Fibonacci support levels.
Current Dogecoin price action indicates the token is consolidating below significant resistance barriers, suggesting persistent bearish momentum in the broader market.
The decline commenced after DOGE failed to sustain support above $0.20, initiating a deeper correction that pushed the price below both the 50-day and 200-day Simple Moving Averages (SMAs).
The 50-day SMA is currently positioned around $0.2205, while the 200-day SMA is at $0.2095. The relative positioning of these SMAs confirms the continued control of sellers.
DOGE is trading near $0.1633, approaching the critical 0.786 Fibonacci retracement level of $0.1714. A sustained close below this level increases the probability of a downward movement towards the support zone between $0.14 and $0.15, where buyers have previously absorbed significant selling pressure.
The Relative Strength Index (RSI) on the daily chart is hovering around 31, indicating that DOGE is nearing oversold territory and continues to experience consistent bearish pressure.
The Fibonacci retracement structure further suggests that the next potential resistance levels are situated near $0.17, followed by $0.205 and $0.22, all of which correspond with previous breakdown zones and the overhead SMAs.
Further Downside Risk for DOGE Price
The current technical outlook for the DOGE/USD pair indicates that the DOGE price is facing intense bearish pressure in the short term.
With the RSI declining into the 30-oversold level, sellers are demonstrating continued strength. Simultaneously, the 50-day SMA is approaching the 200-day SMA, and a potential cross below would form a death cross, signaling an impending bearish trend.
If the bearish momentum persists, Dogecoin could retest the $0.14 support level, which would represent a potential 13% decrease from current trading prices.
This situation arises as Ali Martinez, a prominent crypto analyst with over 161,000 followers on X, reported that whales have sold over 1 billion DOGE tokens in the past week.
Over 1 billion Dogecoin $DOGE sold by whales in the past week! pic.twitter.com/pjUwFAqtEM
— Ali (@ali_charts) November 4, 2025
Conversely, a recovery above $0.17 could initiate a short-term rebound towards $0.20, which corresponds to the 0.618 Fibonacci level.