- Dogecoin price has paused at the key support level at $0.10.
- Spot DOGE ETFS have largely flopped with no inflows in the past few days.
- The coin has formed a multi-year head and shoulders pattern.
The Dogecoin price has been trading sideways at an important support level over the past few days as demand for its exchange-traded funds (ETFs) has waned. DOGE traded at $0.0942 on Friday, near its lowest level in August 2024. It has dropped by over 80% from its 2024 high.
DOGE ETFs Have Flopped
There are signs that the recently launched spot DOGE ETFs have flopped. Data shows that Grayscale’s GDOG, 21Shares’ TDOG, and Bitwise’s BWOW have not had any inflows since March 16.
Their cumulative inflows this month were just $972,000, bringing the total to over $7.64 million since launch. These funds now hold over $9.36 million, which is equivalent to 0.07% of Dogecoin’s market capitalization.
These numbers mean that spot Dogecoin ETFs have flopped, with investors preferring other popular crypto ETFs. For example, spot Bitcoin ETFs have added over $1.5 billion this month and now hold over $90 billion in assets under management. Spot Ethereum ETFs have added over $300 million in assets.
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Other altcoin ETFs like Solana and XRP have done modestly well over the past few months and now hold substantial assets.
The Dogecoin price has also wavered amid rising hopes that Elon Musk will launch X Money soon. X Money will be a fintech solution within X that lets users send and receive money almost instantly.
As such, Dogecoin fans expect Musk to incorporate DOGE into the network. Still, he is unlikely to do so because of Dogecoin’s volatility. Instead, he may decide to incorporate stablecoins like USDC into the platform.
More data shows that Dogecoin’s demand has largely waned recently, with the futures open interest falling to $1 billion on Friday from this month’s high of $1.2 billion.
Dogecoin Price Prediction: Technical Analysis
The weekly chart shows that the DOGE price has slumped in the past few months, moving from a high of $0.4815 in November 2024 to $0.0938 today. This price is important as it coincides with the lowest level in August 2024.
A closer look shows that the Dogecoin price has formed a multi-year head-and-shoulders pattern, a common bearish reversal signal in technical analysis. It has also remained below the 50-day and 100-day Exponential Moving Averages (EMA) and the Supertrend indicator.
The most likely DOGE price forecast is bearish, with the next key target being the neckline of the head-and-shoulders chart pattern at $0.0795. A drop below this price will point to more downside, potentially to $0.05.
On the flip side, a broader crypto market rally may lead to a strong Dogecoin price rebound, potentially to the psychological level at $0.150.
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