- Dogecoin price has moved into a bull market this year, rising by 45% from the year-to-date low.
- Market participants have embraced a risk-on sentiment as the Fear and Greed Index jumped.
- Technical analysis suggests that the token will likely continue rising this year.
Dogecoin price continued its strong bullish trend this week, reaching its highest point since February 16 and up 45% from its lowest point this year. Technicals suggest that the DOGE price may continue rising in the near term despite the fading ETF inflows.
Dogecoin Price is Rising as Bitcoin Holds Steady
DOGE price continued its strong uptrend this week amid Bitcoin’s performance. Bitcoin has already moved above the important $81,000 resistance level, as investors have embraced a risk-on sentiment despite ongoing tensions.
Data shows that spot Bitcoin ETFs have added over $1.3 billion this month. In most cases, altcoins like Dogecoin and Solana tend to do well when Bitcoin is thriving.
All this is happening even as investors have largely ignored the spot Dogecoin ETFs. Data shows that the three funds from companies like Bitwise and 21Shares have not added any assets since April 28. The funds have added just $9.63 million in inflows since their launch and hold just $13.36 million in assets.
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On the positive side, there are signs that demand for Dogecoin remains substantially higher. Data shows that DOGE is among the most traded tokens, with a 24-hour trading volume of over $1.5 billion. Its futures open interest has soared to over $1.75 billion, its highest point since December last year. Dogecoin whales have also continued accumulating the tokens.
Additionally, the Crypto Fear and Greed Index has moved to the neutral point of 50, up from last week’s low of 38. A rising index is a sign that investors are embracing a risk-on sentiment.
DOGE Price Prediction: Technical Analysis
The chart above shows that the DOGE price bottomed at $0.0870, where it failed to move below several times since February this year.
Dogecoin has moved above the crucial resistance level at $0.1035, its highest point on March 17.
The token has jumped above the 50-day and 100-day Exponential Moving Averages (EMAs), a bullish sign.
At the same time, the Supertrend indicator has turned from red to green, a bullish signal in technical analysis. The Relative Strength Index (RSI) and the Average Directional Index (ADX) have continued soaring.
Therefore, the token will likely continue rising in the near term, with the next important resistance level at $0.1355, the 23.6% Fibonacci retracement.
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