Dogecoin price gained 4.55% to $0.0888 on August 27, as Bitcoin traded above $80,000 during a broader cryptocurrency recovery. The rally left DOGE roughly 1.3% below $0.09, its next psychological hurdle.
Reaching $0.10 would require another 12.6% advance from the quoted price. The picture was still tentative, and local opposition and muted Dogecoin ETF trading rigored the bullish argument.
Dogecoin Price Gains Momentum as Bitcoin Surges Above $80K
Bitcoin price gained 2.28% over 24 hours to $80,215, lagging Dogecoin’s percentage increase over the same period. The overall value of cryptocurrencies increased by 2.37% to reach a total of $2.7 trillion, which represents gains in a number of major assets.
Ethereum price surged by 2%, BNB increased 1.81%, and XRP price gained 5.05%, which is better than Bitcoin and Dogecoin. According to CoinMarketCap data, the Fear & Greed reading of 71, which puts the market sentiment in the greed category.
The trading volume of Dogecoin was more than 880 million over the past 24 hours, which increased by about 10%. That increase accompanied the price advance, although activity alone does not confirm a breakout.
Crypto ETFs Fuel DOGE Outlook
On August 26, US spot Bitcoin ETFs raised around $232 million, indicating that regulated exposure to cryptocurrencies remains popular. The IBIT at BlackRock was approximately 201 million and that reflects most of the net inflows of the session. Those subscriptions might contribute to a broader confidence without direct contributions to the DOGE purchases.
Spot Ether ETFs: 192 million dollars were being raised by the Spot Ether ETFs, and about 116 million dollars of this sum were invested by BlackRock ETFs ETHA. According to the SoSoValue snapshot provided to this report, three tracked DOGE funds had zero net flows.
The total net assets were 12.37 million, and net inflows since inception amounted to 12.44 million. The GDOG of Grayscale contained assets amounting to $9.11 million as compared to the 2.57 million assets in TDOG and 696,880 in BWOW.
Despite no new net inflows, shares of the three funds gained between 4.34% and 4.77%. Their performance explains the possibility of the price of the funds increasing without further net investment into the products.
Dogecoin Price Prediction: Can DOGE Break $0.09 and Reach $0.10?
The Dogecoin reported RSI of 53.97 indicated a slight positive movement that was not overbought. The MACD had a positive value of 0.001, which provided additional evidence for the bullish scenario and not necessarily its result.
The high of the session was slightly above the level of $0.0899, which posed immediate resistance near the level of $0.09. A close above $0.09 would make the case for $0.10 strong as per the future DOGE outlook.
Conversely, a decline below the session low at around $0.0846 would ruin the recovery. The move might put the $0.08 in perspective, but this is not an established support level psychologically.
Dogecoin Options Open Interest Climbs 16.74% as Market Activity Increases
CoinGlass figures show the growth of Dogecoin with the derivatives activity. The volume of trading was up 8% to $1.59 billion and the open interest was up 1.99% to $1.41 billion.
The volume in options trading improved 36% to $480.79, which was higher than the percentage change in futures volume. The open interest in options rose by 16% to $1.14 million, indicating an increase in the value of outstanding options contracts.
Be the first to comment