Dogecoin Faces Pressure as Bitwise Closes DOGE ETF

Dogecoin is hovering near a precarious spot as it tries to recover from recent price slides. The popular meme coin is currently trading just above the $0.08 level, a psychological threshold that many traders are watching closely. If the price slips below this point, experts fear it could drop toward $0.0745 or even lower to $0.0673.

Institutional interest took a hit this week after Bitwise announced it would liquidate its BWOW exchange traded fund. The firm plans to end trading on October 14 as it streamlines its product lineup. While the fund is relatively small with under $700,000 in assets, the move signals a cooling of interest from certain institutional corners. Bitwise will convert the remaining holdings into cash to distribute to shareholders by late October.

Technically, the outlook remains bearish. Dogecoin is currently sitting below key moving averages, including the 100 period and 50 period indicators. To change this trend, buyers need to push the price back above the $0.0845 to $0.0904 resistance zone. Without a clear move above those levels, the bears likely remain in control for the near future.

Investors should keep an eye on the $0.08 mark for signs of a potential breakdown. While the Relative Strength Index shows that selling pressure might be nearing an exhaustion point, there is no official reversal signal yet. Until the coin clears its immediate overhead resistance, the path of least resistance appears to remain on the downside.