Dogecoin’s Price Dip May Signal a Bullish Future
Dogecoin (DOGE) took a hit this week, following the broader crypto market downturn. However, there are signs that suggest a potential 25% price increase.
One key factor is the success of the newly launched REX-Osprey DOGE ETF (DOJE). Despite its high 0.75% fee, it has attracted nearly $8 million in assets over just four trading days. This indicates strong investor interest in DOGE-linked ETFs.
ETF.com data reveals consistent inflows into the DOJE ETF since its launch. Most notably, it added $4.3 million on Monday during the market crash and $600,000 on Tuesday. This success, despite the fund’s higher-than-average 0.75% expense ratio, hints at positive prospects for future DOGE ETFs from major issuers like Bitwise and Grayscale, which are expected too have lower fees and a more mainstream approach.
Further bullish signals come from the futures market. The weighted funding rate has been positive since July, and liquidations have dropped from $59 million to under $4 million. Lower liquidations reduce selling pressure, which is good news for DOGE. The fund’s performance suggests that upcoming ETFs could attract even more inflows.
Other positive indicators include:
- Positive funding rates since July
- Reduced liquidations, lowering selling pressure
Technically, DOGE has been on an upward trend since March, moving from $0.1407 to $0.25. It has consistently rebounded when hitting the lower side of its ascending channel. If this pattern continues, bulls may push the price to $0.3076,a 25% increase from today’s level.
