This week, Dogecoin’s price dipped, reaching an important support level as the overall crypto market faced a downturn. However, favorable technical indicators, the upcoming approval of exchange-traded funds (ETFs), and strong DOGE ETF inflows suggest that Dogecoin could experience a 25% rise.
Summary
Although Dogecoin‘s price dropped along with the wider crypto market, there are signs that could push it higher. The recently launched REX-Osprey DOGE ETF has already raised nearly $8 million in just four days, despite its relatively high fee of 0.75%. This demonstrates a strong demand for DOGE-linked ETFs, particularly from larger issuers. Additionally, futures data shows positive trends, with a continued positive funding rate since July and a significant reduction in liquidations—falling from $59 million on Monday to under $4 million today.
DOGE ETF Inflows Rise Ahead of Approvals
Dogecoin’s price saw a retreat this week, following the broader trend of the crypto market. However, there are positive signs that indicate a potential rally in the near future. One of these catalysts is the REX-Osprey DOGE ETF (ticker: DOJE), which has already accumulated close to $8 million in assets over just four trading days. According to ETF.com data, the fund saw consistent inflows, with $4.3 million on Monday despite the market drop and an additional $600,000 on Tuesday.
What’s especially notable is the ETF’s relatively high 0.75% fee, which is above the average for most crypto funds. This suggests that upcoming ETFs from companies such as Bitwise, Grayscale, and 21Shares, which will feature lower fees, are likely to experience even greater inflows. These funds will also adopt a more mainstream ’33 Act approach, which will further boost investments in DOGE ETFs.
Bullish Sentiment in the Futures Market
The futures market for Dogecoin also shows positive momentum. The funding rate has remained in the positive since July, indicating strong market sentiment. Furthermore, DOGE liquidations have dropped significantly in the past few days. After spiking to $59 million on Monday, liquidations have now decreased to under $4 million, reducing selling pressure and supporting Dogecoin’s price.
Dogecoin Price Technical Overview
Looking at Dogecoin’s recent price chart, we can see an upward trend over the last few months. From a low of $0.1407 in March, Dogecoin has risen to $0.25 today. The price has now tested the lower edge of an ascending channel, where it has previously rebounded. Additionally, Dogecoin remains above both the 50-day and 100-day Exponential Moving Averages, signaling a positive trend.
Given this technical outlook, Dogecoin’s price is likely to continue climbing. Bulls are eyeing a resistance level at $0.3076, which represents a 25% increase from the current price. This is an important price point to watch, as it was last reached on September 12th.
