DOGS Price Shows Resilience with a 3.82% Rise Following Binance Listing and New Pairs That Could Drive Future Gains
The Dogs price has surged 3.82% in the last 24 hours to trade at $0.001323 as of 4:11 a.m. EST on a 44% plunge in trading volume to $930 million. The market currently sits at $643 million.
Dogs is a dynamic, community-driven project developed on the TON Blockchain. It is designed to tap into Telegram’s extensive user base and its inherent meme culture. The initiative revolves around a popular dog mascot created by Telegram’s founder, Pavel Durov.
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With a focus on community ownership and equitable reward distribution, Dogs aims to introduce millions to blockchain technology through tokenized stickers, creating a fun and engaging ecosystem for its users.
The DOGS token experienced a sharp drop to $0.0001 following the release of 502.48 billion DOGS tokens, which accounted for 92% of the maximum supply. However, after being listed on Binance, the token quickly rebounded to $0.0012, recovering most of its intraday loss.
$DOGS will start reversal in between 0.0008$- 0.0012$ and it will hit 0.0016-0.002$â in next 20 days if you hold #dogs for long term like 3-6 months it's possible to hit the price above 0.01$ but it's completely depends on #Bitcoin chart đ pic.twitter.com/mpONJVZL1v
— Crypto GVR (@GVRCALLS) August 28, 2024
The dog-themed meme coin shows a slight intraday gain of 0.02%, settling at $0.0012. This stabilization above the key $0.001 level suggests buyers are holding steady. With Binance introducing new trading pairs, the token could see a potential rise of 153% to revisit the $0.0031 resistance.
Furthermore, On August 28, 2024, at 13:00 (UTC), Binance will launch new trading pairs, including DOGS/BRL, DOGS/USDC, RARE/BRL, and RARE/USDC. Additionally, Binance will roll out Trading Bot services simultaneously for ETH/EUR, SOL/EUR, 1000SATS/TRY, BONK/TRY, PEPE/TRY, and USDC/USDT.
Introducing new trading pairs usually boosts market liquidity and trading opportunities, which could lead to increased volatility. As DOGS becomes more accessible globally through Binance’s expanded offerings, its market presence may grow, leading to potential dynamic price movements this week.
Dogs Price Statistics
- Dogs Price: $0.001323
- Market capitalization: $673 million
- Trading volume: $930 million
- circulating supply: 516 billion
- Total supply: 550 billion
Technical Analysis â Bulls Rebound Within the Consolidation Zone
The DOGS/USDT chart on the 1-hour timeframe from Binance illustrates a classic consolidation and breakout scenario. The price moved within a narrow range for an extended period, indicating market indecision.
The rectangular box on the chart marks this consolidation phase. The price broke out of this consolidation range with a sharp upward movement, signaling the beginning of a potential new trend.
This price breaking out is accompanied by a significant spike in trading volume, which strengthens the validity of this move and suggests that it could be sustained. Furthermore, the take-profit level above the current price is a potential target where a trader might consider closing their position to secure gains. Moreover, the distance between the breakout point and this take-profit level represents the potential reward from this trade.
However, with the RSI reading at 67.21, which is nearing the overbought threshold of 70, there is a possibility of encountering resistance or a pullback before or upon reaching the $0.001600 level. If the momentum remains strong, the price could break through this resistance and continue higher.
Additionally, if the RSI hits 70 and the price shows signs of weakening, a pullback could bring the price down to test the breakout level around $0.001350 before possibly resuming its upward trend.
How Far Can Dogs Price Reach?
The chart presents a strong bullish outlook from a period of consolidation, with a clear target for taking profits. The increasing volume supports the strength of the breakout. In a converse case, the RSI is nearing the overbought region. This indicates that traders should exercise caution as the price approaches the identified take-profit zone at $0.001600, watching closely for any signs of weakening momentum or potential reversal.
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Charles Kibue
Charles Kibue is a cryptocurrency researcher and writer with published works on Crypto2Community and a range of other sites. He has also worked as a technical writer, researching NFTs and crypto projects. Charles is an English Literature graduate residing in Kenya. He possesses additional expertise in market analysis and offers accurate and reliable insights, staying up-to-date with the latest developments in the crypto industry. Beyond his professional pursuits, Charles enjoys hiking and horse riding in his leisure time.
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