Key Insights:
- Dogecoin price retreats slightly as investors turn cautious ahead of key US macroeconomic data.
- DOGE whales accumulated 1.14 billion tokens, signaling a potential breakout ahead for the memecoin.
- The US Spot Dogecoin ETF records highest weekly inflows since launch.
Dogecoin (DOGE) price has recorded a slight retreat today after a brief rally, as the crypto market recorded mixed sentiment. However, it appears that the DOGE whales are aggressively putting their bets, while a renowned expert hints at a potential rally for the memecoin to $0.2.
Simultaneously, institutional interest also remains high in Dogecoin, which also suggests a likely rally ahead for the token. So, here we explore the recent trends of the memecoin that might help in a strong rally ahead for the asset.
Dogecoin Price Slips As Investors Turn Cautious
DOGE price today was down around 2% at the time of writing, and exchanged hands at $0.09670, while its one-day trading volume fell about 10% to $894 million. However, Dogecoin price has added over 13% over the past seven days, while recording a monthly gain of 12%.
Meanwhile, the relative strength index (RSI) of the asset was at over 60, suggesting that the memecoin is approaching an “overbought” condition. Many traders often view this signal as a warning, as it could help some traders exit the market to book profits.
In addition, the recent decline in Dogecoin (DOGE) price could be because crypto market investors are turning cautious ahead of the crucial week. A flurry of major macro events like US JOLTS Job Openings, US PCE Inflation, and Q2 GDP data are scheduled for this week.
These events could shed some light on the potential next move of the US Federal Reserve with its monetary policy plans. However, while the market is expecting a potential Fed rate hike in October, market pundits expect that decision to be bullish for Bitcoin and the crypto market.
DOGE Whales Bet Aggressively, Is $0.2 Next?
The surge in Dogecoin price in recent days could be attributed to the aggressive bets from the DOGE whales. For context, in a recent X post, renowned market expert Ali Martinez said that the large investors, or whales, have purchased 1.14 billion DOGE tokens, valued at around $112 million, in the last 96 hours.
The analyst also noted that the bets suggest that the whales could be “positioning for a bullish breakout” ahead for the memecoin. Talking about the DOGE price, Martinez said that $0.098 is a major resistance for the asset, where around 28 billion coins were traded previously.
In addition, he also noted that if Dogecoin can successfully break through the resistance, the target would be at $0.11, where 4.98 tokens have exchanged hands previously. So, if the bulls continue to dominate, a surge past the $0.11 barrier could open the door for a rally to $0.2, Martinez noted.
Dogecoin ETF Inflow Fuels Optimism
Amid the DOGE whales bet, the institutions are also appearing to be shifting their focus to Dogecoin price. According to SoSoValue data, the DOGE ETFs have recorded their highest weekly inflow since launch between September 21 and 25.
The US Spot Dogecoin ETF has recorded a weekly inflow of $2.89 million in the week, surpassing its prior record of $2.59 million recorded in January. So, if institutions also continue to bet on the asset, it could help drive a strong rally ahead for the asset.
However, investors should note that the memecoins are highly volatile, and any macro or geopolitical events could impact the sentiment of the broader market. While the technical trends suggest that Dogecoin price could rally towards the $0.2 mark, it is not a guarantee of the future outcome.
Sergio Goschenko
Sergio G is an editor at CrypTocker covering cryptocurrency, Bitcoin, digital assets, blockchain regulation and financial markets. He reviews news and analysis for sourcing, accuracy, clarity and editorial standards.
