DOGS Price Prediction: DOGS Could Rally to $0.00097 as Key Support Holds

Highlights:

• DOGS is currently trading between the $0.000632 support and $0.000832 resistance
• A rally through the $0.0000832 resistance could see DOGS test $0.000974 short-term
• DOGS growing community and an increasingly bullish Bitcoin could push the price to $0.000974

DOGS (DOGS) is in the red today, reflecting the overall price action across the market. At the time of going to press, DOGS was down by 1.38% to trade at $0.0006922. There was also a slight drop in trading volumes, down by 2.50% to stand at $69.85 million. 

However, this is a significant improvement compared to October 23 when there was a considerable drop in DOGS trading volumes. It is an indicator that while money is yet to start to flow into DOGS, less of it is flowing out.

This could signal that DOGS’s price is currently trading close to the bottom after months in the red. Besides the slowdown in selling volumes indicating a potential bottoming up for DOGS, there are several other factors that point to a potential bottoming out of DOGS. 

DOGS Wins Awards – Indicator of Growing Community

One of them is the increasing number of positive news about DOGS at the moment. DOGS is winning awards, an indicator that people increasingly know about it. The latest awards that have gone to DOGS are the memecoin of the year award and the best tap-to-earn project. Both of these were won at the BlockchainLife2024 awards.

BREAKING: $DOGS secured two major awards at #BlockchainLife2024! 🏆

– Meme Coin of the Year
– Best Tap-to-Earn Project

Idk why they got the Best Tap-to-Earn Project, as in my opinion it’s Notcoin, but that’s cool too!

Congratulations to DOGS Community 🥳🦴 pic.twitter.com/6eOGG2ZLzQ

— Viktor 🐯🧡 (@s0meone_u_know) October 23, 2024

This is quite a big deal considering that DOGS beat better known projects such as Notcoin, which has a strong showing in the tap-to-earn market. Winning these awards show that DOGS now has a strong and influential community backing it up. Since meme coins rely on their strong communities to drive hype, the fact that DOGS has a community that can get it awards means it could do well once alt-season kicks in. 

𝐁𝐑𝐄𝐀𝐊𝐈𝐍𝐆 𝐍𝐄𝐖𝐒: $DOGS is stepping up for a cause! 🐾

Today, they're partnering with @wchildcancer to raise awareness and help bridge the gap in childhood cancer care.

Let’s support their mission and make a difference together! 💛

Woof 🐶🦴 #Charity #ChildhoodCancer… pic.twitter.com/W8mlRs3Ceh

— 𝐊𝐜𝐧𝐮𝐞𝐥4𝐫𝐞𝐚𝐥.𝐭𝐨𝐧💎🥷🏽🦅 (@Kcywayne) October 22, 2024

This is even better because the price is down by considerable margins since the highs it hit in August. It means that more investors could jump at the opportunity to buy DOGS with the perception that it is undervalued for the kind of community it has backing it up.

Bitcoin Sending Bullish Signals – Good for Meme Coins

Making the case even stronger for DOGS is the fact that Bitcoin is sending signals of a potential start of the 2024/25 bull cycle. Every 4-years, Bitcoin enters a parabolic bull rally that usually starts in October, after a sustained post-halving consolidation. This cycle is no different and after consolidating since April, Bitcoin has been sending bullish signals since September.

Nvidia, Bitcoin & Gold pic.twitter.com/xrSNjqQ676

— naiive (@naiivememe) October 23, 2024

It recently hit a high of $69k for the first time in months. If Bitcoin keeps in tandem with past cycles, undervalued altcoins, especially meme coins could see a surge in demand in the short term. DOGS is one of the top meme coins that fall in this category. DOGS’s price has been going down for months, yet its community has been growing. This makes for an undervalued meme coin that could go parabolic once the money starts going into altcoins. 

Technical Analysis – DOGS Price Consolidating After Key Support Holds

DOGS charts also paint a picture of a meme coin that is likely trading at the bottom. From the 1-day chart, DOGS is consolidating after hitting the $0.000632 support on October 2. Currently DOGS is range bound between the $0.000632 support and the $0.000832 resistance. 

If there is an upsurge in buying volumes and price rallies through the $0.000832 resistance, then it could easily test $0.000974 in the short term. On the other hand, if bears take control and push DOGS through the $0.000632 support, then a correction to prices below $0.00060 could follow. 

DOGS Price Set for Rally as Key Indicators Turn Bullish

Of these scenarios, the odds are higher for a rally through the $0.000832 resistance. That’s because attention is increasingly turning to DOGS as seen by its ability to win blockchain awards. There is also the fact that since October 2, bears have tried to push through the $0.000632 support several times but failed. This is a pointer that selling momentum is drying up, and more expectations are for an upswing as the broader market turns bullish.