Dogecoin has rebounded in recent days, mirroring the performance of other meme coins. Its price is up by about 30% from its lowest point on December 31. It has also jumped to its highest level since Nov. 30.
The uptick is in tandem with Shiba Inu (SHIB), Pepe (PEPE) and Pudgy Penguins, as the market capitalization of all memecoins tracked by CoinGecko has jumped to over $52 billion.
Summary
- Dogecoin price has rebounded by 30% this year.
- Spot DOGE ETFs have added $3.9 million this year.
- The futures open interest has rebounded in the past few days.
Dogecoin (DOGE) and other altcoins have jumped as investors have embraced a risk-on sentiment. Data compiled by CoinMarketCap shows that the Crypto Fear and Greed Index has jumped to 43 from the December low of 10. Futures open interest has jumped in the past few weeks, while other assets like gold and stocks have soared.
Dogecoin’s futures open interest has also continued rising this year. It moved to nearly $2 billion, up from the December low of $1 billion. Rising open interest is a sign that demand has continued rising.
Meanwhile, spot DOGE ETFs have continued seeing modest inflows this year. SoSoValue data shows that spot DOGE ETFs added over $1.6 million in inflows on Monday after adding $2.3 million on Friday. These inflows brought the cumulative net inflows to $6.2 billion, with their net assets to $10.6 million.
Technicals contributed to the Dogecoin price rally
DOGE price chart | Source: crypto.news
The daily timeframe chart shows that Dogecoin price has rebounded in the past few days. This rebound occurred after it formed a large falling wedge pattern, characterized by two descending, converging trendlines. The rebound happened as the spread between the two lines narrowed.
The DOGE price also formed a bullish divergence pattern prior to this rebound. This rebound is evident in the Percentage Price Oscillator and the Relative Strength Index, which formed a series of higher highs and higher lows as it retreated.
Looking ahead, the token will likely continue to rise as bulls target the psychological level at $0.1885, which is approximately 26% above the current level. This price aligns with the 38.2% Fibonacci Retracement level.
