Dogecoin Price Signals Rebound as Whales Buy, ETF Inflows Grow

Dogecoin price has come under pressure in the past few months. It has moved from the September high of $0.3050 to $0.15. It has dropped by ~70% from its highest point in December.

Whale buying and DOGE ETF inflows signal growing strength. These factors position the coin for a near-term bullish breakout.

Dogecoin Price to Benefit From Whale Buying

Third-party data shows that whales have started to buy the Dogecoin price dip. It’s a sign that they expect the price will rebound in the coming weeks or months.

According to Ali Martinez, whale investors have bought 480 million DOGE tokens in the last 48 hours. At the current price, these tokens are worth over $71 million. It’s a sizable amount considering that the crypto market has been in a bear market in the past few months.

Whale accumulation is one of the most common ways to predict the performance of a cryptocurrency. These investors are more experienced than retail participants. In most cases, these investors buy or accumulate when the price dips and sell at the top.

DOGE ETF Inflows are Rising

Meanwhile, American investors are still buying the recently launched DOGE ETFs. Data compiled by SoSoValue shows that the Grayscale and Bitwise DOGE ETFs had $177.25k inflows in the past 24 hours.

Grayscale’s GDOG ETF accounted for most of these inflows. This brought its cumulative net inflows to $2.85 million. It now holds $4.15 million in assets, while the Bitwise DOGE ETF has $2.4 million in assets.

These assets are significantly smaller than other utility coins like Solana (SOL), Ripple (XRP), Chainlink (LINK), and Hedera (HBAR). However, the fact that inflows are rising gradually is a good thing for Dogecoin.

The REX-Osprey DOGE ETF (DOJE), launched in September under the Investment Act of 1940, has already drawn strong interest. It has accumulated more than $23 million in assets since its debut.

These inflows have happened in a difficult period for Dogecoin and other meme coins. DOGE price has already plunged by over 70% from its highest point in December. Other meme coins like Shiba Inu, Pepe, Bonk, and Official Trump have all slumped.

Meanwhile, Elon Musk, who used to be its biggest booster, no longer talks about it. He also left the Department of Government Efficiency (DOGE) earlier this year.

Dogecoin’s futures open interest has also been in a downward trend in the past few months as traders have deleveraged.

Dogecoin Price Prediction: A Rebound Cannot be Ruled Out

The daily timeframe chart shows that the Dogecoin price has slumped in the past few months. This happened as the crypto market crash intensified. It has dropped from the September high of $0.3050 to the current $0.1500.

A closer look shows that the coin has found substantial support at $0.1410. It’s a level that has resisted moving below since April this year. It has always rebounded whenever it moved to this support level.

At the same time, the token has slowly formed a falling wedge pattern. That’s made up of two descending and converging trendlines. A bullish comeback normally happens when the two trendlines are about to converge, which is already happening.

Dogecoin price is also forming a bullish divergence pattern as the two lines of the MACD are pointing upwards. The Relative Strength Index (RSI) has also pointed upwards.

Therefore, the most likely Dogecoin price prediction is bullish, with the initial target being the psychological point at $0.2500. This price is also at the highest point in October and is ~70% above the current level.

On the flip side, a drop below the support at $0.100 will invalidate the bullish DOGE price forecast. It will point to more downside and will be a sign that bears have prevailed.