Dogecoin Price Rally Supported by ETF Inflows and Derivatives Activity

Dogecoin's price is showing potential for a sustained upward momentum, with several contributing factors:

Dogecoin has seen a 26% gain at the start of the year, pushing towards breaking the $0.15 resistance level.
Recent inflows into DOGE ETFs, particularly from Bitwise and Grayscale, indicate renewed institutional interest. These ETFs saw inflows of $2.30 million and $1.60 million on January 2 and 5, respectively.
The derivatives market shows support for a price rally, with a long/short ratio on Binance of 2.06 and top traders having a ratio of 2.5.
Derivatives trading volume increased over 2% to $5.60 billion, though open interest declined by nearly 7% to $1.78 billion due to market volatility.

Technical analysis suggests Dogecoin is reacting to a local resistance around $0.15. If this breaks, the next target could be $0.24, based on Fibonacci levels. The daily pivot point is noted at $0.1288, indicating the market’s equilibrium level in the short term.

Currently, Dogecoin is priced at approximately $0.148, down over 2% in the past 24 hours, according to CoinMarketCap.

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