Here’s why Dogecoin’s price needs a clean break above $0.10 right now
Buyers from September's rally haven't left, but they're not making a difference by staying either.
Dogecoin [DOGE] is a joke that keeps paying out.
Its recent rise isn’t down to one tweet or one lucky day though. In fact, a few things have lined up at once lately.
All green on the ETF front!
In the last three weeks, Dogecoin ETFs have seen about $3.5 million.
The first of those weeks (ending 18th September) brought in about $284,500. The week after that, inflows skyrocketed to $2.8 million!
The latest week had about $327,360 in inflows.
In all honesty, this isn’t huge by Bitcoin ETF standards. However, if you put it into context, things would make sense. DOGE ETFs held at only around $12 million in assets in mid-September. That number, at press time, was at $16.2 million!
For a memecoin-based product like a DOGE ETF, three steady weeks might constitute a definite change in mood. That’s not all though.
AMBCrypto previously reported that the DogeOS public testnet went live for developers on 30th September. Thanks to the same, payments, trading, lending, and games that run on DOGE can be tested now!
However, there’s a catch.
Fees on the testnet are paid in test DOGE, which is free from a faucet and worth absolutely nothing. And DogeOS isn’t an upgrade to Dogecoin itself; rather, a separate layer built around it.
So, it could give DOGE more to do… someday.
What about the price charts though?
Dogecoin’s price analysis
At press time, DOGE was trading at $0.0946. While it recorded only a slight dip on the day, we’re still nearly 20% above mid-September lows near $0.079.
Most of that move came in one go. DOGE went up above $0.10 on the 21st, and briefly tagged $0.106. In the last two weeks, the token has shuttled between $0.091 and $0.099.
Indicators didn’t seem panicky though.
The RSI was above neutral as the OBV climbed to about 154.31 billion for most of late September. This has held on, indicating that buyers who came in during the rally may be here to stay!
What does all this mean? Well, its means the ETF money is real, DogeOS is a maybe, and the chart may be catching its breath a bit. A clean breach of $0.10 is what would give this run some steam.
Final Summary
- DOGE ETFs logged three straight weeks of inflows.
- Dogecoin’s price appeared to be closing in on $0.095, nearly 20% above its September low.
