$DOGS appears to be forming a technical pattern known as an inverse head and shoulders.This is often seen as a bullish reversal signal.The pattern, characterized by three troughs with the middle trough being the deepest, is typically followed by a breakout above a "neckline." The price of DOGS seemed to form this pattern. And, a potential breakout above the neckline could lead to a price target of $0.0012000.
Additionally, the 50 period and the 100-period EMAs were both at $0.0010400, indicating that the market may be in a consolidation phase. Simply put, the price is now trading close to these resistance levels, which could lead to further indecision between buyers and sellers. The RSI, at press time, had a reading of 46, slightly below the neutral level of 50. This meant that while bearish momentum was present, the market was not in oversold territory.
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