Should You Buy DOGS Now? Dogs Price Dips 2.9% Despite Rising Community Support and Analyst’s Bullish Outlook
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The Dogs’ price has plunged by 2.9% in the last 24 hours to trade at $0.001053 as of 7:17 a.m. EST, on a 7% surge in trading volume to $578 million. The market cap is now at $544 million.
DOGS, a popular token on the TON blockchain, recently launched on multiple crypto exchanges and gained rapid popularity. Following an initial distribution of 2.75 billion DOGS tokens to Notcoin holders, the team announced another airdrop of 40 billion tokens, reaching 2.5 million users over two days. However, some users who opted to receive their airdrop via TON wallets faced delays.
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Crypto analyst Captain Faibik notes that DOGS has recently broken out of its downtrend, suggesting that if it successfully retests this level, a short-term rally of at least 40% could be on the horizon.
$DOGS is breaking out of Falling Wedge on the Hourly TF Chart..!!
Expecting +40% Bullish Rally in the Short term.. Don't miss the Ride.. 🚀🚀#Crypto #DOGS #DOGSUSDT pic.twitter.com/ce11L3qLE6
— Captain Faibik 🐺 (@CryptoFaibik) September 5, 2024
The growing community also backs DOGS’ positive momentum, with around 2.58 million holders joining in just ten days. Despite ongoing legal issues with Telegram, including the recent arrest of Pavel Durov in France, Toncoin projects continue to attract speculative investors.
DOGS Statistics
- Dogs Price: $0.001053
- Market cup: $544 million
- Trading volume: $578 million
- Circulating supply: 516 billion
- Total supply: 550 billion
Dogs Price Bulls Regain Strength for an Upcoming Bullish Rally
The DOGS has recently experienced contradicting forces caused by the bears and bulls. This has led to the formation of a cup and holder pattern, indicating a high chance for a bullish trend to occur. The bulls are seen pushing Dogs’ price high after retreating from the $0.001033 support level to create a bullish breakout at the upper trendline of the bearish channel.
DOGS is currently trading below both the 50-day and 200-day simple moving averages (SMA). This is all about to change since the DOGS is on track to cross over both the 50-day and 200-day SMA. After Dogs’ price victory to surpass both SMA’s, the SMA’s will act as key support levels of the market. This will strongly suggest the probability of an upcoming bully rally.
Technical Indicators Signal Potential Bullish Rally for Dogs Price
The relative strength index (RSI) also sides with the probability of an upcoming bully rally. Currently, it is trending at 44.26 attempting to form a slight curve to break above the 50-midline level. If the momentum increases the RSI will highly favour the likelihood of a bully rally occurring jumping into the overbought zone.
Additionally, the moving average convergence divergence (MACD) also supports the probability of a bully rally to occur. The red histogram bars are seen decreasing in size and number as they also fade out in color. Furthermore, the blue line of MACD has risen to cross over the orange signal line. If the blue line manages to cross over the orange signal line, it will indicate a shift in dogs price from a bearish to a bullish sentiment.
If the bulls manage to take over the market, Dogs’ price will manage to form a bullish breakout at the bearish channel. The bulls will be seen aiming at a $0.001136 target price. On the other hand if the bears continue being in charge they will push the price further to $0.001025.
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