Dogecoin Traders Eye Rebound as Bullish Chart Pattern Forms
Dogecoin has traded within a narrow range this month, with demand fading in the ETF and futures markets. After reaching $0.1056 in September, the token has pulled back to $0.09400 today. Despite the decline, DOGE has formed a bullish chart pattern, suggesting a rebound could be possible.
The data shows that demand for Dogecoin has continued to fall recently, likely as investors focus on other better-performing coins like Worldcoin and Near Protocol. Spot Dogecoin ETFs added just $3.16 million in inflows in September, compared to $245 million added by the Grayscale Zcash ETF and $121 million by the spot XRP funds in the same period.
The open interest in the futures market has also dropped to $1.45 billion from the September high of $1.65 billion, down from a peak of over $6 billion in September last year. The token has formed a bullish flag pattern, which is made up of a vertical line and a descending channel. It has also held steady above the 50-period Exponential Moving Average (EMA).