A spot exchange traded fund (ETF) tracking Dogecoin has been launched in the US. filled with quiet enthusiasm. Inflows into the Grayscale and Bitwise ETFs were limited in the first week of trading, but Despite all the hype around it The first ever Dogecoin ETF. However, despite the lack of ETF inflows, some technical analysts argue that DOGE: High prices may continue If the key support level holds, it could possibly move up to $1.
Related books
Pay attention to the slow start of DOGE ETF
For grayscale Expanded the spot The DOGE Fund (GDOG) announced on November 24 that its first day of inflows were only about $1.8 million. significantly lower than estimated Some market participants expected this. For example, Eric Balchunas, senior ETF analyst at Bloomberg, said: ETF predicted The first day of trading will see a volume of $12 million.
According to Data from SoSoValuenet inflows across the DOGE ETF by Grayscale and Bitwise totaled just over $2.16 million in the first trading week. This shows that institutional and retail investors are somewhat cautious when it comes to investing in meme cryptocurrencies.
This is in contrast to the strong opening inflows seen in other altcoin ETFs such as Solana (SOL) and XRP. What was released In the last few weeks. Additionally, slow support growth raises questions about whether the ETF will spark the kind of renewed interest in DOGE that some backers had hoped.
Technical outlook suggests bullish potential to $1
Although demand for ETFs is currently weak, several technical outlooks suggest a more optimistic outcome for Dogecoin. one Technical outlook from Cryptocurrency analyst Ali Martinez identifies major support at around $0.08 and resistance at around $0.20. This support level is reminiscent of when DOGE dipped below $0.10 before beginning a multi-month rally to $0.50 after the US election.
Dogecoin's main price levels. Source: @ali_charts On X
More bullishly, multiple weeks Here's the technical breakdown: Cryptocurrency analyst XForceGlobal suggests that DOGE may be coming out of a long-term correction and poised for a fifth wave, a strong upward impulse according to Elliott Wave theory. This wave could push the price well above current levels, with intermediate targets between $0.33 and $0.50, with a potential long-term increase to $1.
Similarly, cryptocurrency analyst Trader Tardigrade believes: Dogecoin has fallen We have reached the same long-term support zone that previously led to the massive rally, calling it the launching pad for the next big move. His weekly chart highlights how Dogecoin's price action has repeatedly bounced off this uptrend line, producing gains of over 80%, 210%, and even 440% since October 2023.
Dogecoin technical analysis. Source: @TATrader_Alan On X
Analysts say the pattern is intact again and if the $0.15 support holds, Dogecoin could follow the same structure and enter a larger expansion phase. Based on his predictions, this continuation will give Dogecoin enough momentum to incrementally appreciate 610% to $1 by 2026.
Related books
As of this writing, Dogecoin is trading at $0.15 and is close to either rebounding or falling below support.
Featured image from Unsplash, chart from TradingView
