Dogecoin ETFs See Muted Debut, Yet Analysts Eye Potential $1 Surge
Despite a rather subdued launch for the first spot Dogecoin Exchange-Traded Funds (ETFs) in the United States, several technical analysts are pointing towards a significant bullish trajectory for the popular meme cryptocurrency. While initial investor enthusiasm proved to be less than anticipated, market observers suggest that underlying chart patterns could signal a substantial price rally, potentially pushing Dogecoin towards the coveted $1 mark if key support levels are maintained.
Slow Start for DOGE ETFs
The introduction of Grayscale's and Bitwise's spot Dogecoin funds was met with unexpectedly low investor interest. On its inaugural trading day, Grayscale's DOGE fund (GDOG) recorded only about $1.8 million in inflow volume, falling well short of some market participants' $12 million predictions. Over the initial trading week, net inflows across both Dogecoin ETFs barely exceeded $2.16 million. This cautious uptake stands in stark contrast to the robust inflows observed in other recently launched altcoin ETFs, such as those tracking Solana (SOL) and XRP, raising questions about immediate renewed interest in DOGE through these investment vehicles.
Technical Indicators Signal Bullish Reversal
Despite the lukewarm ETF debut, technical analysts remain optimistic about Dogecoin's long-term prospects. Crypto analyst Ali Martinez highlights a crucial support level around $0.08, with resistance at approximately $0.20. Historically, Dogecoin has shown significant rallies after dipping below $0.10, exemplified by its multi-month surge to $0.50 post-US elections. Further reinforcing this bullish outlook, analyst XForceGlobal suggests Dogecoin may be concluding a long-term corrective phase, positioning itself for a powerful "fifth wave" upward impulse, as per the Elliott Wave Theory, with potential intermediate targets between $0.33 and $0.50, and an ultimate stretch towards $1. Trader Tardigrade echoes this sentiment, identifying the current price drop to a long-term support zone as a "launch pad" for the next major rally, noting historical gains of 80%, 210%, and over 440% from this very support since October 2023. At its current trading price of $0.15, Dogecoin stands at a pivotal point, poised for either a rebound or a retest of its critical support.
