Several catalysts have emerged that suggest this. Rising momentum continues About the price of Dogecoin. This comes as DOGE is up 26% to start the year, and the memecoin is currently trying to break through the $0.15 resistance.
Factors that may contribute to a sustained rise in Dogecoin prices
One factor that indicates Dogecoin’s price continues to rise is the recent inflow into the Doge ETF. SoSoValue data According to the data, Bitwise and Grayscale funds have recorded net inflows on two out of three business days this year. especially, Dogecoin ETF It recorded inflows of $2.3 million and $1.6 million on January 2 and 5, respectively. This was the first consecutive daily net inflow since December 3 last year.
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The daily net inflows into the DOGE ETF indicate renewed interest in meme coins among institutional investors, which is positive for the company. dogecoin price. If inflows into these funds continue, DOGE could see sustained gains. Of note: Bloomberg analysts Eric Balchunas points out that The 2x Dogecoin ETF had the best start of the year among all ETFs, rising nearly 40%.
Additionally, derivatives market activity is also supporting the sustained rise in Dogecoin prices. CoinGlass data It shows that traders on top exchanges like Binance and OKX are currently long. Binance’s long/short ratio is 2.06, which is well above 1. Top traders on Binance is 2.5, which is also a big plus.
Derivatives trading volume surged more than 2% to $5.6 billion, according to further data from CoinGlass. However, open interest was down about 7% to $1.78 billion, likely due to market volatility as long positions were wiped out.
DOGE Eyes breaks above $0.15
Crypto analyst ZiP said: ×post On the daily chart, we can see that Dogecoin price is currently reacting to local resistance around $0.15. He further stated: $0.15 resistance If there is a break, the next zone that DOGE price could target is around $0.24. Analysts pointed out that this is where the first significant Fibonacci level measured from the entire bearish move is located.
Meanwhile, ZiP said the additional reference point is the $0.1288 daily pivot, which it said will define the market in the short term. market equilibrium level. crypto analyst Trader Tarigrad revealed Dogecoin price has broken out of the falling wedge and is showing strong upward momentum. Based on this, he predicted that DOGE is poised for a significant rally, although he cautioned that the meme coin could see a temporary pullback.
Related books: If Dogecoin price breaks through this resistance level, it could rise to all-time highs.
At the time of writing, the price of Dogecoin was trading at around $0.148, having fallen more than 2% in the past 24 hours. data From CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
