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- Whales move billions of DOGE as price hits key support zone.
- New Dogecoin ETF sees impressive $8 million inflows in days.
- Positive technicals hint at potential Dogecoin breakout soon.
Dogecoin has seen a massive surge as large whales transfer billions of DOGE. According to Ali, in just 48 hours, wallets holding 100 million to one billion DOGE tokens received over two billion coins, worth about $480 million. This transfer comes after Dogecoin fell to its lows of over $0.30. At present, DOGE is selling between $0.23 and $0.24, an extremely crucial support level.
This is the price level that has had a significant bounce during the summer and has served as the lower bound of an upward-trending channel. The whales’ reloading at this price indicates that they are set to recover. As the traders understand it, this level is of essential importance to the next move of Dogecoin. Should this support be there, then the breakout may be possible.
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New ETF Boosts Investor Confidence in Dogecoin
Besides that, the new Dogecoin ETF, REX-Osprey, is also gaining much attention. It gathered almost $8 million within a period of four days. The ETF had a remarkable inflow of $4.3 million on Monday even as the market declined while on Tuesday it gannered $600,000 followed on Tuesday. These inflows show great interest in Dogecoin among investors.
The more money invested in the ETF, the higher the demand for DOGE. This increasing demand keeps the price stable and increases the possibility of further profits.
Technical Indicators Support a Bullish Outlook
Futures data reveals a decrease in DOGE liquidations, signaling less forced selling pressure. The price is still above the key moving averages, the 50-day and the 100-day averages. The technical indicators are synonymous with a bullish market structure.
As ETF inflows continue and technicals are strong, Dogecoin’s next target is the September high of $0.3076. If Dogecoin breaks this level, it will mark the beginning of a breakout. The asset is set to continue rising in the coming days.
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