DOGS has reached the $0.00095 support level, and traders expect a possible rebound to retest $0.0011844.
New memcoins CATI and HMSTR may take away trading volume, which will affect DOGS' recovery.
DOGS [DOGS] fell to the lower boundary of its established trading range with support at $0.00095 and resistance at $0.0011844. According to crypto analyst #Zen .
DOGS fell as expected and bounced to the upper limit of the range at $BTC Zen also suggested that if DOGS bounces off this support line, it is likely to retest the upper limit of the range.
A break above this resistance level could further strengthen the bullish momentum and challenge the bearish pressure that has been holding prices back recently. Key technical levels to watch include the $0.00104 area, which Zen defines as the daily bullish equilibrium breakout (EQ). Another key level to watch is the breakout point below $BTC If DOGS returns to these levels, traders can move up to the $0.00121 target, which corresponds to a risk/reward ratio of 2:1.
Another analyst, Mikybull Crypto, noted that DOGS seems to be forming a head-and-shoulders reversal pattern, which is a bullish reversal signal. This technical pattern includes three troughs, with the middle trough being the deepest and often above the neckline.
DOGS is showing signs of recovery, but the launch of new #meme coins, such as CATI and HMSTR, on the #Binance startup platform may affect its dynamics.
These new projects could reduce trading volume and interest in DOGS as traders shift their attention to the next popular meme coin. It is important for traders to keep a close eye on how tokens react to increased competition, as any market uptick caused by new launches could affect DOGS.
According to IntoTheBlock, there were 115,53,000 active addresses and 12,000 new addresses registered on DOGS on September 16.
Despite these figures, the number of active and new addresses decreased by 77.
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