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Dogecoin (CRYPTO: DOGE) pulled back on the Thanksgiving holiday, alongside a sharp decline in trading activity.
The dog-themed memecoin slipped over 2% in the last 24 hours, with volume plunging 38% to $918 million. The decline was steeper than that of market heavyweights like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which fell by 0.40% and 1.39%, respectively.
Ali Martinez, a widely followed cryptocurrency analyst and trader, identified $0.20 as the “main resistance” for the popular token, while $0.080 served as a key support.
EtherNasyonaL, another technical analyst with a sizeable following on X, highlighted the Elliott Wave theory on Dogecoin’s chart.
“Structure hasn't confirmed a clear breakout yet, keeping the price moving inside a consolidation zone awaiting completion of this wave,” the analyst stated. “Breakout that follows will define the strength and direction of the next major trend.”
The Elliott Wave Theory interprets price movements in markets through recurrent fractal wave patterns. Traders use these patterns to forecast future market movements and identify potential entry and exit points.
See Also: Dogecoin (DOGE) Price Prediction 2025, 2026, 2030
The week has been historic for Dogecoin, with two spot exchange-traded funds, the Grayscale Dogecoin Trust ETF (NYSE:GDOG) and Bitwise Dogecoin ETF (NYSE:BWOW), launching on Wall Street.
Combined, the two ETFs have attracted $2.16 million in net inflows as of this writing, with $3.23 million in total volumes processed, according to data from SoSo Value.
Price Action: At the time of writing, DOGE was exchanging hands at $0.1506, down 2.23% in the last 24 hours, according to data from Benzinga Pro.
Grayscale ETF closed 1.60% higher at $18.29 during Wednesday's regular trading session. Bitwise DOGE ETF closed at $25.51, up 3.1%.
Photo Courtesy:ihrinmoisuc on Shutterstock.com
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