$DOGS sets sight on its short-term price target – What’s next? - AMBCrypto Analytics

Mikybull Crypto, a crypto analyst, noted that 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 Relative Strength Index (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. This left some room for potential upside movement.