Dogecoin Extends Gains as Institutional Demand and Bullish Metrics Strengthen

Dogecoin (DOGE) continues its upward trajectory, trading above $0.096 on Monday after finding support around a key level last week. The meme coin's rally is backed by sustained inflows into spot DOGE Exchange Traded Funds (ETFs) and strengthening derivatives metrics, signaling improved market sentiment. Technical indicators also suggest further gains if the current support holds.

Institutional demand for DOGE remains strong, with spot ETFs recording $327,360 in inflows last week, marking the third consecutive week of positive inflows. This trend, if maintained or accelerated, could further boost DOGE's price.

Derivatives data from CoinGlass shows a bullish outlook for DOGE, with the long-to-short ratio flipping to 1.01 on Monday, indicating traders are betting on price increases. Additionally, Dogecoin's funding rate turned positive on September 10, reaching 0.0092% on Monday, suggesting a bullish sentiment as longs pay shorts.

Technically, DOGE is trading near $0.096, holding above the 200-day exponential moving average (EMA) at $0.093. The Relative Strength Index (RSI) near 58 indicates constructive momentum without being overextended. Immediate support is at $0.093, with additional levels at $0.088 and $0.086. On the upside, resistance is at $0.102, with a break above potentially extending the recovery phase.