Tech

Dogecoin Price Crashes 9%, but Experts Call to Buy DOGE Dips

3 hours ago
Bitcoin Ethereum News

Key Notes

  • Analyst Trader Tardigrade suggested that DOGE bullish momentum is intact with the potential of a 7x rally to $1.7.
  • Market analysts highlight catalysts such as the upcoming Rex-Osprey DOGE ETF launch and Fed rate cuts for Dogecoin upside.
  • Open interest in DOGE futures has surged to $6 billion, its highest since December 2024.

Amid the broader crypto market selloff, Dogecoin

DOGE
$0.26



24h volatility:
4.3%


Market cap:
$39.70 B



Vol. 24h:
$5.80 B

price has tanked 9% on Sept. 15, slipping to the lows of $0.26. Today’s pullback comes following the DOGE rally to $0.31 last week, amid much hype surrounding the DOGE ETF launch by Rex-Osprey. Market analysts stated that this correction is an opportunity to buy the dips.

Dogecoin Price Could Prepare for a 7x Rally

Following today’s correction, Dogecoin price has seen a pullback to $0.26. Market analysts believe that the bullish pattern formation is still intact. Popular crypto analyst Trader Tardigrade noted that DOGE could be heading for a 7x rally ahead, all the way to $7.


The analyst further added that DOGE has confirmed a breakout from a long-term triangle pattern on the weekly chart. He noted that the setup offers a rare 1:29 risk-to-reward ratio, with the potential to push DOGE toward $1.70.

Although the Rex-Osprey DOGE ETF launch created much hype last week, it faced a delay by another week. This would coincide with the announcement of the much-anticipated Fed rate cuts this week, as Fed chair Jerome Powell is likely to pivot the monetary policy to quantitative easing.

Crypto analyst Bitcoinconsensus also suggested that Dogecoin price could be on the verge of a significant move this week. He added that the launch of the first-ever meme coin exchange-traded fund would serve as a major catalyst.

According to the analyst, the new product could attract substantial inflows of fresh capital into DOGE, similar to the surge seen in Bitcoin

BTC
$114 613



24h volatility:
0.7%


Market cap:
$2.28 T



Vol. 24h:
$42.29 B

and Ethereum

ETH
$4 518



24h volatility:
1.9%


Market cap:
$545.16 B



Vol. 24h:
$32.85 B

following their ETF debuts. Citing a logarithmic uptrend chart pattern for DOGE, the analyst believes that the meme coin could rally all the way to $1.40.

 

DOGE Open Interest Jumps to $6 Billion

Meme coin DOGE is also showing strength in the derivatives market as the open interest (OI) jumped to $6 billion. As per the Coinglass data, this is the highest OI after December 2024 levels.

DOGE futures open interest surge | Source: Coinglass

DOGE futures open interest surge | Source: Coinglass

 

An increase in open interest alongside price typically indicates bullish momentum. It shows traders are allocating more capital to new positions rather than closing existing ones. The rising open interest could lead to further boost in daily trading volume, driving the Dogecoin price even higher.

next

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Cryptocurrency News, News

Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Bhushan Akolkar on X


Source: https://www.coinspeaker.com/dogecoin-price-crashes-9-but-experts-call-to-buy-doge-dips/