Dogecoin continued its strong rally amid rising institutional demand. Its rally accelerated even after the much-anticipated spot DOGE ETF launch was delayed again.
Summary
- DOGE price rallied despite the new DOJE ETF launch being delayed.
- Cleancore continued its Dogecoin accumulation this week.
- Technical analysis points to more gains, potentially 50%.
Dogecoin (DOGE) jumped to $0.2840, its highest level since July 21 and 100% above the lowest point in April this year. Its 24-hour volume soared to over $5 billion, a sign of relentless demand.
DOJE ETF delayed, but institutional demand remains
Dogecoin’s price performed well, even after the Rex-Osprey Dogecoin ETF (DOJE), initially set to launch on Friday, was delayed again.
In an X post, Bloomberg’s Eric Balchunas estimated that the fund will likely be listed next Thursday, Sept. 18.
DOJE will differ from the spot ETFs of companies like Grayscal, 21Shares, and Bitwise. It was approved under the Investment Company Act of 1940 and will have a Cayman subsidiary holding DOGE and its derivatives.
Polymarket users predict that the SEC will also approve the other standard DOGE ETFs in October, which will help boost its price. Odds of this approval are high because Dogecoin is similar to Bitcoin (BTC) as it is a proof-of-work coin.
Dogecoin price has also jumped amid institutional demand. CleanCore Solutions has become a major DOGE buyer, and together with House of DOGE, plans to own 5% of the supply over time. Bit Origin has also bought over 70 million coins and is raising $500 million for more purchases.
Dogecoin price technical analysis
DOGE price chart | Source: crypto.news
The daily timeframe chart shows that Dogecoin has been in an uptrend in the past few days and is now hovering at its highest point since February. It is about to flip the upper side of the ascending trendline, a move that would confirm a bullish breakout.
DOGE moved above the 50-day and 100-day Exponential Moving Averages. Also, the Relative Strength Index and the Average Directional Index have continued rising.
Therefore, a move above the upper side of the channel will validate the breakout, and possibly push it to the key resistance level at $0.4320, the highest point in January, which is about 52% above the current level.