Dogecoin has experienced a significant surge during the trading session between September 9 and 10, bouncing back into the $0.24 to $0.25 range, with trading volumes surpassing 1.5 billion tokens. This uptick arrives in anticipation of the REX-Osprey Dogecoin ETF, which is set to launch on September 11 under the ticker “DOJE.”
The development has sparked considerable interest, with technical analysts noting a bullish pennant breakout pattern. Additionally, there has been robust accumulation by large-scale investors, referred to as whales, which suggests an increasing institutional demand surrounding the ETF launch.
The REX-Osprey Dogecoin ETF marks a watershed moment as it is the first U.S. exchange-traded fund linked to a memecoin, despite the absence of any declared utility. In the past week alone, whale addresses have amassed approximately 280 million DOGE, indicating a substantial influx of institutional investment.
In terms of price action, Dogecoin rose by 4% during the session from 13:00 on September 9 to 12:00 on September 10, moving from $0.236 to as high as $0.245. The token initially faced an early decline, retreating from $0.247 to $0.236 by 14:00, yet this backed a hefty volume of 1.55 billion tokens, establishing a solid support level. Throughout the day, DOGE consolidated between $0.238 and $0.242, hinting at strategic accumulation before a final-hour breakout lifted its price to $0.245, supported by a peak volume of 114.7 million tokens. The session ultimately closed at $0.244, just shy of the resistance level, reaffirming the bullish momentum heading into the week of the ETF launch.
From a technical analysis standpoint, the support range is identified between $0.236 and $0.238, validated by several high-volume rebounds. On the other hand, the resistance level sits at $0.245 to $0.247, with the potential for further gains if the price breaks above this ceiling, targeting the $0.28 mark. Notably, session highs reached 1.55 billion in volume, significantly outpacing the 24-hour average of 334 million.
Traders are closely monitoring whether Dogecoin can maintain its position above $0.245, setting the stage for a move toward $0.28. The upcoming ETF launch on September 11 is anticipated to serve as a major liquidity event for DOGE. Moreover, the ongoing whale accumulation trends are scrutinized, as a continuation of this inflow would further validate institutional confidence in the asset. The positioning in derivatives markets is also being observed, as speculation around the ETF may lead to increased volatility. Additionally, broader sentiment in the crypto market may be influenced by upcoming decisions from the Federal Reserve, adding another layer of complexity to the trading landscape.
