Bitwise to close Dogecoin ETF, DOGE hovers near $0.088 after golden cross

Golden cross signals but markets remain weak

Dogecoin recently formed its first daily golden cross in 14 months, after the 50-day moving average crossed above the 200-day moving average. Technical analysts often interpret this pattern as an indicator of strengthening longer-term momentum for an asset. However, the bullish signal arrived just as overall market sentiment soured, limiting any immediate upward follow-through.

Coinpaper previously identified $0.098 to $0.10 as a critical resistance zone that Dogecoin bulls need to overcome to confirm a broader breakout. Instead, the price reversed course near $0.09 and subsequently fell below that level.

DOGE’s technical signals are showing promise, but without a sustained move above $0.092 or $0.093, the effect of the golden cross will likely diminish in the short term.

According to analysts, while the golden cross is noteworthy, its implication depends on confirmation by price action. For now, if DOGE fails to recover and break through the $0.092–$0.093 resistance area, near-term momentum may remain muted.

The recent movement puts a spotlight on how market sentiment can undermine technical patterns, even when signals suggest potential for gains.

Bitwise announces closure of BWOW Dogecoin ETF

Bitwise Asset Management, a leading US-based cryptocurrency index fund provider, has announced it will close its BWOW Dogecoin ETF. The firm scheduled the last day of trading for October 14, citing an official filing with the US Securities and Exchange Commission (SEC).

As part of the liquidation procedure, Bitwise plans to convert all Dogecoin held in the ETF into cash and distribute the proceeds to shareholders. The filing, however, does not detail the amount of DOGE to be sold or a timeline for the transactions, leaving the potential impact on Dogecoin’s price unclear.

While immediate consequences for the market remain uncertain, the decision highlights a point raised by several analysts: compared with Bitcoin, Ethereum and XRP, institutional demand through exchange-traded funds for Dogecoin has been relatively limited.

A recent outlook by Coinpaper noted that weak ETF demand continues to be a significant gap in Dogecoin’s broader bullish narrative.

Mini dictionary: Bitwise Asset Management is a prominent cryptocurrency asset manager that offers index and thematic crypto investment products, including several cryptocurrency ETFs in the US market.

DOGE’s muted response since the golden cross, along with the withdrawal of an institutional investment product, underlines lingering questions about near-term momentum and long-term adoption from major investors.