Nasdaq seeks SEC approval for 21Shares Dogecoin ETF; Bitwise’s DOGE ETF decision delayed

Nasdaq files a 19b-4 form with the US Securities & Exchange Commission (SEC) on Tuesday to list the 21Shares Dogecoin (DOGE) Exchange-Traded Fund (ETF). At the same time, the regulator simultaneously delayed its decision on Bitwise’s spot DOGE ETF until June 15, leaving Dogecoin trading near $0.17 on Wednesday after a slight dip on the news. 

Nasdaq files for 21Shares Dogecoin ETF with the US SEC

US exchange Nasdaq filed a 19b-4 form with the US SEC on Tuesday to propose listing and trading shares of the 21Shares Dogecoin ETF. The filing follows 21Shares, an asset management company that submitted an S-1 registration with the SEC on April 10. This fund will provide exposure to the price of Dogecoin without direct sales of the cryptocurrency. Moreover, Coinbase Custody Trust will hold the fund’s tokens and serve as the official custodian for the ETF. 

During the same period, the US SEC announced that it had postponed its decision on Bitwise’s spot DOGE ETF application, extending the review period until June 15, 2025. The filings were responses to March requests from US exchanges NYSE Arca and Cboe BZX Exchange to list Bitwise’s Dogecoin. 

These news announcements caused a slight decline in Dogecoin price on Tuesday; however, it stabilized at around $0.17 when writing on Wednesday.

Dogecoin’s technical outlook faces resistance around the weekly level

Dogecoin price has been facing resistance around the weekly level of $0.18 since last week, and on Sunday, it declined by 4% over the next three days. At the time of writing on Wednesday, it hovers at around $0.17.

If DOGE continues to correct, it could extend the decline to retest its April 22 low of $0.15.

The Relative Strength Index (RSI) on the daily chart reads 54 and points downwards towards its neutral level of 50, indicating fading bullish momentum. If the RSI falls below its neutral level of 50, the Dogecoin price will likely fall sharply.

DOGE/USDT daily chart

However, if DOGE breaks and closes above the weekly resistance at $0.18, it could extend the rally to retest its psychological importance level at $0.22.