Dogecoin Holds $0.143 Support Amid SEC ETF Decision Delay

Dogecoin, a popular cryptocurrency, has recently shown resilience by holding its support level at $0.143. The daily candle for Dogecoin closed with a rebound from this key level, forming a lower wick low at $0.14297. This rebound suggests potential accumulation at this price point, indicating that buyers are stepping in to support the cryptocurrency.

Despite the recent red candles indicating continued downside momentum, the latest green candle highlights short-term buying interest. However, for Dogecoin to establish a more stable trend, it must reclaim the $0.17542 resistance level. Failure to hold the $0.143 support level could result in increased volatility, potentially driving the price down to $0.134 before a genuine rebound takes place.

If Dogecoin maintains steady support at $0.143 or higher, it could build momentum for a move toward $0.168. Buyers will need to see increased trading volume and higher lows to signal market strength. Without these factors, any rally risks being a temporary liquidity grab before another drop. A push above $0.14297 might trigger stop hunts, shaking out weaker positions before a potential rally.

Further analysis showed Dogecoin’s strongest liquidation area was between $0.16 and $0.17, meaning the price will be attracted to this level as liquidity attracts activity. The density of liquidations of almost $6 million at $0.169859 could help to validate the upside target. If momentum is gained, Dogecoin can trend upward to seek stop orders, causing volatility. However, clusters of liquidity follow traders opening and closing positions, meaning new groups of liquidation can form lower, which is what turns the price.

If new liquidity builds below $0.16, Dogecoin can recapture these levels before attempting to move above. Not being able to recapture $0.17 can trigger another sell-off, building more pools of liquidity near $0.155, a bear trap leading into the rally.

The recent delay by the SEC in deciding on the Dogecoin ETF has shifted the decision deadline to April 4, 2025. This delay could result in mixed price reactions, though the chances of approval remain high. If approved, the ETF could provide a significant boost, potentially driving Dogecoin’s price to $1 or higher. Institutional demand and broader acceptance would further support a rally, and a quicker decision could enhance the current bullish outlook.

However, a rejection or further delay may lead to a price decline. Dogecoin, already down recently, is testing support at the $0.14 level. Heightened uncertainty could amplify volatility, deterring risk-averse investors while attracting speculators betting on gains. Analysts remain divided, with many optimistic about a possible $2+ rally, while others express concerns about regulatory challenges. The SEC’s review of Bitwise and Grayscale submissions remains central to Dogecoin’s prospects.