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Highlights
- Dogecoin price rose on Wednesday, mirroring the performance of other cryptocurrencies.
- The first DOGE ETF will start trading on Thursday this week.
- It is highly unlikely that the DOGE price will surge and hit the resistance at $1.
Dogecoin price rose by 1.50% today, Sep. 10, mirroring the performance of the crypto market. DOGE rose to $0.25, up by 72% from its lowest point in June. So, with the first DOGE ETF set for launch, can the price jump 308% and hit $1?
Dogecoin Price Boosted by Derivative Volume ahead of DOGE ETF Launch
Dogecoin price rose as market participants reacted to the encouraging producer price index (PPI) data, which raised the possibility that the Federal Reserve will cut interest rates by 0.50% on Wednesday next week.
The rally coincided with the robust activity in the derivative market, where its futures open interest has continued to rise. CoinGlass data shows that the open interest rose to $4.2 billion on Wednesday, up from $4.1 billion a day before. This is a big increase considering the interest bottomed below $3 billion in August.
A rising open interest and falling liquidations is are bullish catalyst for a cryptocurrency as it shows that there is strong demand in the futures market, which is normally the most active in the crypto industry.
The same is happening in the spot market, where Dogecoin’s volume rose to $2.9 billion today, higher than the other top meme coins like Shiba Inu, Pepe, MemeCore, Pudgy Penguins, and Pump, combined.
The rising demand for Dogecoin is mostly because investors are anticipating the upcoming launch of DOGE ETF in the United States. The DOJE fund will provide an exposure to Dogecoin similar to how the Staking Solana ETF works.
Analysts expect that the agency will approve the other spot Dogecoin ETFs by the end of the year, a move that will lead to more inflows from Wall Street investors.
Can DOGE Price Hit $1?
Technical analysis suggests that the Dogecoin price could be on the verge of more gains in the near term. It formed a double-bottom pattern at $0.1450, pointing to more gains as investors bought the dip.
Dogecoin price has moved above the 50-day and 200-day Exponential Moving Averages (EMA), which are providing it with robust support.
It has also continued forming a series of higher highs and higher lows. Therefore, the most likely DOGE price forecast is bullish, with the initial target being at $0.2872, its highest level in July.
A jump above that price will raise the possibility of DOGE jumping to $0.4840, its highest price in December last year.
The bullish Dogecoin price outlook will become invalid if it crashes below $0.1880, the lowest swing on August 2nd this year.
Still, it is unlikely that the value of DOGE will jump and hit the important level at $1 as it needs to soar by over 300% from the current level. A prolonged crypto bull run, ETF approval, and more inflows would drive such a move.
Frequently Asked Questions (FAQs)
1. Will Dogecoin price jump to $1 this year?
2. When will the new DOGE ETF start trading?
3. How high can the Dogecoin token get this year?
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