Dogecoin Price Finds Support Amid Market Dip,ETF Inflows Boost Bullish Outlook
Dogecoin (DOGE) price took a hit this week,following the broader crypto market downturn. However,there are signs of a potential rebound.
The REX-Osprey DOGE ETF, with the ticker DOJE, has been a radiant spot. Despite itS high 0.75% fee, it has attracted nearly $8 million in assets over four trading days. This inflow is meaningful, especially given the recent market crash.
ETF.com data shows that most inflows occurred on Monday, when the crypto market was down. The fund added $4.3 million on Monday and $600,000 on Tuesday. This suggests a strong appetite for DOGE-linked ETFs.
Other ETFs by Bitwise, Grayscale, and 21Shares may see even more inflows. These funds will likely have lower fees and use the more mainstream ’33 Act approach.
There are other bullish signs too. Futures data shows positive funding rates as July. Liquidations have also dropped from $59 million on Monday to under $4 million today. This reduces selling pressure.
Technically, DOGE has rebounded from a low of $0.1407 in March to $0.25 today.It has stayed above the 50-day and 100-day Exponential Moving Averages. Bulls may target the $0.3076 resistance level, a 25% jump from current levels.
