With the anticipation of an ETF launch, Dogecoin (DOGE) has risen 5%, breaking the $0.25 level for the first time in nearly a month.
Emergence of ETF and Delays
The price of Dogecoin has risen as ETF approval is expected, attracting heightened investor interest. Bloomberg analyst Eric Balchunas remarked on a minor delay, suggesting a mid-week launch next week, likely on Thursday.
Traders Positioning for Launch
The 5% price increase indicates that investors are actively positioning ahead of the ETF debut. Typically, new ETF launches attract long-term inflows of institutional funds, enhancing market liquidity. Dogecoin's open interest rose 5.24% in 24 hours to reach $4.28 billion, surpassing the spot price increase.
Technical Analysis: Possible Rally to $0.39
From a technical perspective, Dogecoin's breakout above $0.25 completes a double-bottom reversal pattern formed since April. The long-term target may reach $0.39 if the price maintains above $0.28. Momentum indicators support further gains: the daily RSI is at 63.1, and DOGE remains above its 5-day ($0.241) and 13-day ($0.231) SMAs.
The expectations of the ETF launch and the increasing activity around Dogecoin indicate a rise in interest from both retail and institutional investors in the crypto market, making this week critical for DOGE traders.
