Dogecoin has seen a massive downturn recently, with its value losing 40% within the last month.
Nevertheless, prevailing price movements indicate a potential market shift.
Dog-themed cryptocurrency joins the fray Today’s altcoin bounce-backUp nearly 10% after holding steady around the $1.885 barrier.
Although we cannot rule out the possibility of a decline, WIF is gaining momentum, supporting solid moves in the upcoming sessions.
The meme token displays a bullish structure on its price chart, indicating bullish momentum.
A stabilization above $1.885 could lead to a significant reversal towards the $2.895 resistance.
This would be a 45% increase from WIF’s current price of $2.00.
This will open the way to reach the target of $4.830. However, Dogecoin needed a massive bullish comeback to fuel such gains.
A sudden downturn could drop the token to $1.885. Failure to hold this area could result in a 21.17% decline to $1.486.
Dogecoin price: Bullish signals support near-term gains
Dogecoin’s market sentiments reflect optimism after the recent decline.
Open interest increased 7% over the past day to $391.05 million (coinglass data,
Furthermore, the daily long/short ratio inches towards 1, currently at 0.986, which suggests increasing bullish bets from traders.
This shows that as WIF is recovering, participants are opening positions.
Furthermore, the Average Directional Index shows physical strength with a steady uptrend from 22.70 on December 16 to 32.31 at press time.
The ADX indicator measures the strength of the trend, with figures above 50 indicating a strong trend and figures below 20 indicating a weak trend.
Furthermore, Chaikin Money Flow moves upward and approaches zero. Last day it increased from -0.17 to -0.10.
A rising CMF indicates an increase in buying volume, indicating imminent bullishness for the asset.
If the indicator crosses the zero line the price of WIF is likely to rise.
Current Chaikin Money Flow readings indicate accumulation after bouncing off the support zone.
Still, this buying could lead to a minor dip before the bullish momentum picks up.
Additionally, spot traders are moving their Dogecoin balances to private addresses, exposing them to long-term holdings.
This shows confidence in the future performance of the altcoin.
Future of meme assets: DOGE ETF’s absence impacts sentiment
Industry players have advocated for exchange-traded funds that give investors exposure to multiple cryptocurrencies Beyond Bitcoin and Ethereum,
Nonetheless, investment managers seem to be steering clear of meme token ETFs.
ETF Store President Nate Geraci said the failure to file for a DOGE ETF is a marketing mistake and a missed opportunity for companies reluctant to adopt the meme token.
Surprised an ETF issuer hasn’t filed for a Dogecoin ETF yet… What’s the downside? Worst case, it’s a marketing expense. Wondering which issuer is sitting on the ticker “DOGE”.
Bloomberg’s exchange-traded funds analyst Eric Balchunas Supported Geraci said he expects several DOGE ETF filings from asset managers by Christmas.
Balchunas believes that many companies will consider submitting applications for a spot DOGE ETF following the inauguration of Donald Trump.
Failure to consider a Dogecoin ETF could spoil the excitement in crypto memes early next year.
he can match Negative comments from people like CZ, former head of Binance,
The meme token is likely to underperform amid such trends, hindering WIF’s projected rise above $4.80.
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