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DOGE is up by 10% in the past week but the ETF launches in the US met little interest.
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Summarize with AI
Summarize with AI
Dogecoin joined the broader market’s recovery attempts in the past week or so, posting a 10% surge that drove it to $0.15 as of press time.
Analyst Ali Martinez outlined the most significant support and resistance lines, which can determine the asset’s next move if broken to either side.
It’s been quite a long time since the OG meme coin traded anywhere near the support level brought up by Martinez. In fact, the latest time DOGE was below $0.10 and close to $0.08 was in the summer of last year, when it successfully tested it and went on a massive run to almost $0.50 after the US presidential elections.
In contrast, the resistance at $0.20 was last visited a month ago. After it gave in, DOGE experienced a painful downfall that resulted in bottoming at $0.135 before it posted a relief rally to the current $0.15.
These support and resistance levels come at an interesting time for Dogecoin. What started out as a joke a decade ago has now become a legitimized financial product that has a couple of exchange-traded funds on US soil tracking its performance.
After Grayscale’s DOGE Trust was converted into a spot ETF last Monday, Bitwise announced the launch of its own such product on Wednesday called BWOW.
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Data from SoSoValue, though, shows that the demand for the meme coin was nowhere to be found within the debut week. The total net inflows stood at just over $2 million as the week closed, well behind the XRP and SOL numbers in their first weeks.
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Source: https://cryptopotato.com/dogecoin-etfs-fall-flat-at-launch-critical-doge-price-levels-to-watch/
