Dogecoin Price Outlook as DOGE ETF Inflows Return Despite Bearish Wedge Signal

Dogecoin (DOGE) is not in a good place today, May 7, after it dropped by 4.62% to $0.11. But this has not prevented institutions from flocking here through DOGE ETFs, even if it seems like it is too late. A rising wedge pattern also reads that Dogecoin price is not out of the woods just yet because there are many people who are selling to get profits.

DOGE ETF Inflows Return Amid Rally

Dogecoin ETFs were launched last year, and that became the first time that a meme coin found its way into Wall Street. But this launch did not get the same success as Bitcoin and Ethereum because the DOGE ETF can go for days without seeing any inflows as seen on SoSoValue.

Bitcoin ETFs have never gone a single day without having any flows, whether these are positive or negative. But when you look at Dogecoin’s ETF chart, it can go for consecutive days without anyone buying ot selling.

Between April 28 and May 4, there were no flows to DOGE ETFs, even if the price was doing quite well during these dates and analysts predicted a Dogecoin surge. But from May 5 and 6, the flows started coming back, and there were more than $600,000 inflows.

From what is happening with these ETFs, demand is still very high even if the price is stalling, and there is nothing big happening.

Bearish Wedge Signal Warns of Dogecoin Price Crash Below $0.10

DOGE ETFs might be doing well, but the price is not because it just went down by 4% today. The four-hour shows that there is a reason to be concerned, and this is because of the wedge that is tipping north to show that the price might just go down.

Whenever the wedge appears, there is concern that the price is not going to do well because it gives a reading that bears are about to get a strong grip. But the best thing about the wedge that has formed down is that the target of this downtrend is not as steep, creating room for a bullish long-term Dogecoin price forecast.

From where the price is going to break below the lower line, Dogecoin price might just get to $0.103, and this means that it might not hold support for much longer. Doing this might make bears have a strong grip.

The readings of the CMF and the RSI also show that bears are having an easy time snatching control from bulls because the two readings are going down. This is also making it more likely that the price is going to go down.

But Dogecoin tends to follow how Bitcoin price is going, and the latter just got to $82,000. When Bitcoin is gaining, there is a chance that DOGE is going to continue going up.