Dogecoin Slides to $0.2386 as Grayscale's 32 Billion Trust Seeks DOGE Approval with New ETF S-1

Dogecoin (DOGE) faced sharp downward pressure in the past 24 hours, but optimism still surrounds its long-term ￰0￱ memecoin opened near $0.2659 before sliding steadily through the evening and plunging ￰1￱ midday, DOGE had dropped to $0.2386, reflecting a 10.57% loss on the ￰2￱ the decline, trading activity ￰3￱ posted $4.76 billion in 24-hour volume, a jump of more than 180%. The spike in activity suggests traders remain highly engaged even as the token battles short-term ￰4￱ Eye $2.28 to $5.30 Upside for DOGE Analyst @JavonTM1 highlighted Dogecoin’s performance across its two previous market ￰5￱ cycle displayed progressively stronger upward momentum, supported by Fibonacci extensions and broader market ￰6￱ on this analysis, Dogecoin could stage a rally of more than 730%.

That would push prices toward $2.28 in the next bullish ￰7￱ the cycle extends further, projections suggest DOGE could climb above $5.30. Such a move would represent nearly a 20-fold increase from its current ￰8￱ forecasts underline Dogecoin’s cyclical strength and resilience after sharp ￰9￱ now face the challenge of weighing immediate selling pressure against the possibility of historic long-term ￰10￱ Momentum Grows Around Dogecoin ETFs Institutional interest is also building. Rex-Osprey’s standard DOGE ETF debuted Thursday , generating about $17 million in first-day trading ￰11￱ to Bloomberg Senior ETF Analyst Eric Balchunas, that figure ranked among the top five ETF launches this year.

Meanwhile, Grayscale has advanced its own ￰12￱ firm filed an amended S-1 with the ￰13￱ and Exchange ￰14￱ update confirmed Coinbase as both prime broker and custodian for the proposed Dogecoin ￰15￱ approved, the ETF will trade on NYSE Arca under the ticker ￰16￱ would represent a major milestone for Dogecoin, opening access to a wider base of institutional and retail ￰17￱ Faces Bearish Pressure with $0.2320 Target Technically, Dogecoin remains under strain towards the downward ￰18￱ Relative Strength Index is between 39 and 42, which is an indication of almost over ￰19￱ level implies a decrease in momentum but the probability of a short-term recovery is also ￰20￱ Moving Average Convergence Divergence is negative with the signal line less than ￰21￱ implies that the bearish momentum is still prevailing over the short run price ￰22￱ that selling pressure is maintained, DOGE may challenge support levels between $0.2320 and $0.2300.

The most probable short term target would be the zone of $0.2320 unless there is a change in momentum and this makes the range of about $0.2320 to $0.2500 the most probable short term target.