Highlights:
- DOGS is currently trending towards the $0.0008324 support
- DOGS selling pressure driven by slowdown in TON ecosystem and withdrawal issues
- A breach of the $0.0008324 support could see DOGS drop to $0.00054
Despite the positive sentiment across the crypto space, DOGS has remained sluggish. Since hitting a high of $0.00179 on August 26, DOGS has been on a downtrend, reaching a recent low of $0.00079. In the last 24 hours, the coin has seen a marginal increase of 1.57%, bringing it to a current price of $0.0008692.
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DOGS’ Struggles Amid a Bullish Market
While many altcoins are riding the wave of Bitcoin’s recent surge, DOGS has been underperforming.
Slowdown in the TON Ecosystem
A significant factor behind this underperformance is the slowdown in the Ton ecosystem, which DOGS is linked to. The Ton ecosystem has faced headwinds after the arrest of Telegram’s founder. The arrest caused investors to adopt a more cautious stance toward Telegram-associated tokens.
DOGS Withdrawal Issues
In addition to these ecosystem-specific challenges, DOGS has been grappling with growing frustration from its community regarding withdrawal issues. These problems have become evident on social media, where complaints about the slow or non-existent withdrawal of DOGS tokens have been circulating. For instance, comments on posts about Memecon, a major meetup for DOGS’ 4 million holders, are now dominated by grievances over withdrawal delays.
One user expressed frustration, stating, “It’s been more than three weeks that Dogs tokens haven’t been transferred to my wallet.” Another echoed similar concerns: “I haven’t received my DOG allocation on my Tonkeeper till now, and the distribution has just ended.” These unresolved withdrawal issues can potentially erode investor confidence in DOGS further. That’s especially when the market provides numerous alternative opportunities with stronger upward momentum.
@realDogsHouse I haven’t receive my dog allocation on my Tonkeeper till now and the distribution has just ended and my dog was processing as well what could possibly be the issue please?
— Airdrop hunter 🐐 (@Airdropgang1) September 25, 2024
Technical Analysis – DOGS Bears in Control
A closer look at DOGS’ price action reveals a market still dominated by bearish sentiment. Since its August peak, DOGS has been in a steady decline, and while the 1.57% gain in the last 24 hours is a small positive sign, it is far from enough to reverse the prevailing downtrend. Volume remains low, indicating a lack of strong buying interest.
From a technical perspective, DOGS is facing critical resistance at $0.0009747. Bulls will need to overcome this level to signal a short-term reversal and potentially push the $0.001106 resistance. However, with the issues plaguing DOGS, breaking this resistance may be challenging.
On the downside, DOGS has some support at $0.0008324. If the bearish momentum continues and breaches this support, DOGS could soon drop to $0.00054. This would mark a significant decline, especially now that Bitcoin is trading at a critical resistance. If Bitcoin experiences a pullback from its $64,000 resistance, many altcoins, including DOGS, could see price declines.
Recap – DOGS Still Bearish Despite a Bullish Crypto Market
DOGS is currently facing significant challenges despite the broader market rally. The token is stuck in a bearish trend, and unresolved withdrawal issues have shaken investor confidence. While there is a chance for a short-term reversal if DOGS can break through key resistance levels, the more likely outcome is continued downward pressure, especially if Bitcoin faces a correction. For now, DOGS remains a meme coin that has yet to find its footing in a rapidly rising market.
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