DOGE Price Faces Bearish Wedge Despite Fresh ETF Demand

Key Insights

• Dogecoin ETFs recorded more than $600,000 in inflows during May 5 and 6 despite declining prices and weakening technical momentum across markets

• A rising wedge pattern on the four-hour chart signaled growing bearish pressure, with Dogecoin risking a decline toward $0.103 this week

• Bitcoin trading above $82,000 improved broader crypto sentiment and helped maintain institutional interest in Dogecoin despite continued market weakness during recent sessions

Dogecoin fell 4.62% on May 7 and traded near $0.11, yet fresh ETF inflows showed that institutional demand has not disappeared. Market data showed more than $600,000 entered DOGE exchange-traded funds during May 5 and May 6 after several quiet sessions. Besides renewed fund activity, traders continued watching technical signals that pointed to rising downside pressure.

Dogecoin ETFs became the first meme coin investment products to reach Wall Street after their launch last year. However, trading activity has remained uneven compared with Bitcoin and Ethereum products. Data from SoSoValue showed DOGE ETFs often recorded multiple days without any inflows or outflows, highlighting slower institutional participation across the sector.

ETF Flows Resume After Pause

Between April 28 and May 4, DOGE ETFs reported no movement despite a steady recovery in the token price during that period. Consequently, the return of inflows earlier this week attracted attention across the crypto market. More than $600,000 moved into the funds within two days, showing that some institutional traders still expect additional upside for the meme coin.

The four-hour chart showed Dogecoin moving within a rising wedge pattern that often signals weakening momentum during an uptrend. Additionally, analysts observed increasing profit-taking as the token struggled to hold recent gains. The pattern suggested that DOGE could break below its lower support line and slide toward the $0.103 area if bearish pressure strengthens further.

Momentum Indicators Turn Lower

Technical indicators also reflected growing weakness around the meme coin. The Relative Strength Index and Chaikin Money Flow both trended lower during the latest trading sessions, indicating fading buying pressure across the market. However, the projected downside target remained limited compared with previous corrections, leaving room for traders expecting a stronger long-term recovery.

Source: TradingView

Dogecoin continued to track broader crypto market movements as Bitcoin pushed above $82,000 during the same trading window. Significantly, traders noted that stronger Bitcoin momentum often supports meme coins by improving overall market sentiment. DOGE remained under short-term pressure, although renewed ETF inflows suggested institutions still maintained interest despite weakening technical conditions.

Market Traders Watch Support

Short-term traders now focus on whether Dogecoin can defend the $0.10 region as selling pressure increases across the market. Moreover, declining momentum has slowed bullish sentiment that appeared during the recent rebound. Analysts noted that sustained ETF inflows could stabilize trading activity if broader crypto prices remain firm during the coming sessions and if Bitcoin maintains its trajectory.