Sundog Price Plunges 3% Despite Recent Tron Blockchain Enhancements and Fee Reductions
This drop in SUNDOG price comes despite Justin Sun recently announcing another increase in the energy cap on the Tron blockchain, which has significantly alleviated the overall energy shortage. This adjustment follows a recent increase in the energy cap to 120 billion. Additionally, the network has reduced SunPump gas fees by 50%, lowering transaction costs to encourage greater user adoption.
Today, a large amount of energy was released on the Tron network. Along with the increased energy cap, the overall shortage has been significantly alleviated. Tron global nodes will monitor energy supply and prices closely to keep Gas Fees competitive in the industry.
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— H.E. Justin Sun🌞(hiring) (@justinsuntron) September 2, 2024
Sun also hinted at further fee reductions, noting that exchange fees would soon return to the standard rate of 1U. Transaction fees for trading Tron meme tokens on OKX Wallet have already been cut by 98%, with Sun urging users to take advantage of these lower fees.
Sundog Statistics
- Sundog price: $0.2142
- Market capitalization: $214 million
- Trading volume: $165 million
- Circulating supply: 1 billion
- Total Supply: 1 billion
Sundog Price Continues Moving Sideways
The price movement of SUNDOG/USD in the 4-hour timeframe indicates the formation of the bullish pennant pattern, which is often a continuation signal following a strong upward move. This pattern shows that the market is currently in a consolidation phase after a significant price increase, with the potential for a breakout that could continue the previous bullish trend.
Key price levels on the chart include a support zone around $0.2000, where the price has consistently found buyers, and a resistance zone near $0.3000, where selling pressure has capped the upside. The current price is approximately $0.2134, consolidating near the support level and within the pennant pattern, indicating a phase of market indecision but with the potential for a strong move once a breakout occurs.
The 50 SMA, currently at $0.2390, acts as a dynamic resistance level, which the price needs to overcome to confirm bullish momentum. If the price breaks above the 50 SMA at $0.2390 and maintains upward momentum, it could rally toward the significant resistance at $0.3000.
The MACD indicator shows that the lines are below the zero line, reflecting ongoing bearish momentum; however, the declining bearish strength on the histogram suggests that a reversal could be on the horizon.
The RSI is at 39.02, indicating that the asset is approaching oversold conditions, which could attract buying interest and spark a bullish breakout. A successful breakout from the bullish pennant would further validate this upward move, with potential targets between $0.3538 and $0.4012.
Final Thought: Sundog Poised for a Bull Rally
There is a potential take-profit level of around $0.4012, aligning with a favorable risk-reward ratio should the breakout occur. A decisive close above the pennant pattern with strong buying volume would strengthen the case for reaching this target.
SUNDOG/USD is showing signs of a bullish continuation, with the critical area to watch being a breakout above the 50 SMA. Traders should look for this signal as a potential entry point, aiming for the upside targets while keeping an eye on the support zone to manage risk. Conversely, if the price fails to hold the key support at $0.2000, the bullish scenario could be invalidated, leading to a deeper correction towards $0.1500 or lower.
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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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