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The cryptocurrency market is having a positive start to the week, with most coins currently in the green.

Bitcoin has maintained its value above $111k, while Ether is currently trading at $4,290 per coin.

Ripple’s XRP is approaching the $3 psychological level.

However, Dogecoin’s DOGE is the best performer among the top 10 cryptocurrencies by market cap.

The leading memecoin could rally higher in the near term amid growing institutional adoption.

DOGE, the native coin of the Dogecoin blockchain, is up 7% in the last 24 hours, outperforming other leading cryptocurrencies, including XRP.

Thanks to this positive performance, DOGE is now trading above $0.23 per coin. 

The positive performance is prompted by the impending launch of REX-Osprey DOGE ETF, which would trade under the ticker symbol $DOJE.

Investment firms REX Shares and Osprey Fund have partnered to launch the first exchange-traded fund offering direct exposure to Dogecoin to US markets.

The fund is expected to debut this week, according to industry analysts.

Looks like Rex is going to launch a Doge ETF via the 40 Act a la $SSK next week based on below tweet combined w how they just filed an effective prospectus. Doge looks like first one to go out, but the pros also includes on there are Trump, XRP and Bonk so poss those too at some

Furthermore, the ETF will leverage the 40 Act structure, allowing it to avoid the regulatory challenges and delays faced by traditional spot crypto ETF applications.

The DOGE/USD 4-hour chart remains bearish despite its ongoing positive performance, as DOGE has underperformed in recent weeks.

However, the momentum indicators are switching bullish as buyers begin to dominate the market.

The MACD lines have crossed into the positive region, while the RSI of 73 shows that DOGE could soon enter the overbought region if the bullish trend continues.

At press time, DOGE is trading at $0.23307 per coin.

DOGE has broken above the $0.23 resistance level and is now targeting new highs.

The TLQ and resistance level at $0.246 could be the next target.

If the bulls continue to accumulate above that level, DOGE could rally past the $0.25 mark for the first time since August 13. 

DOGE has established a strong intraday demand zone around $0.213–$0.214.

Failure to hold the price above this demand zone could see DOGE drop to the $0.210–$0.212 region before plunging lower to $0.205.

Traders will be looking at the Monday candle to determine how DOGE could perform over the next few days.

The higher highs and higher lows on the intraday frames could suggest that DOGE is getting ready for another leg up. 

In addition to that, funding volume, Open Interest (OI), and the long-short skew should also confirm strong interest in the spot market.

The post DOGE leads market charge, eyes $0.25 target: check forecast appeared first on Invezz

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