David Arnal shared an optimistic analysis on X regarding the DOGS token. According to Arnal, DOGS is showing bullish potential, with a market cap of $700 million and a daily trading volume of $1.7 billion.
Arnal highlighted the formation of a bull pennant on the DOGS chart, suggesting a possible breakout that could propel DOGS to new heights. This bullish sentiment has interested traders, as many anticipate DOGS could surpass other meme coins like BRETT and BONK.
So, the $DOGS market cap is $700m, and the daily volume is $1.7b? This is ultra bullish!I am buying this bull pennant. My targets are optimistic but reasonable! pic.twitter.com/bmc2z8o6yn
— David Arnal (@davidarngar) August 27, 2024
Bull Pennant Formation Indicates Potential Breakout
The DOGS chart, analyzed by David Arnal, reveals a bull pennant formation, a technical pattern often signaling a continuation of a prior uptrend. In this case, the DOGS price has experienced a sharp rise, followed by a period of consolidation within the pennant.
The chart’s convergent trendlines show declining volatility, which may imply that buyers and sellers are approaching equilibrium. When the pattern is finished, this setup frequently results in a breakout, when the price may rise substantially.
Arnal’s analysis further breaks down potential breakout targets for DOGS. The first target stands at approximately $0.0012386, representing a 97.37% increase from the current price. A more ambitious target is set at $0.0013529, marking a 116.23% rise.
These targets are derived from the height of the flagpole in the pennant formation, projected upwards from the breakout point. Given the strong trading volume, which is more than double the market cap, Arnal’s optimistic targets appear within reach if the breakout occurs as anticipated.
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DOGS’ Market Position Relative to BRETT and BONK
In comparison to other meme coins like BRETT and BONK, DOGS shows a notable difference in market activity. According to CoinGecko, DOGS trades at $0.001482, with a daily trading volume close to $1.95 billion, reflecting a 16.13% increase in the last day.
Meanwhile, BRETT and BONK, although popular, have seen relatively modest gains, with BRETT priced at $0.08235 and BONK at $0.0000185, each showing minor increases in trading volume. This disparity in trading volume and market cap suggests that DOGS could indeed challenge BRETT and BONK if the bullish momentum continues.
Source: CoinMarketCap Market Sentiment and DOGS’ Future Prospects
The overall market sentiment around DOGS is highly optimistic, fueled by the trading volume and the technical bullish setup. If the predicted breakout materializes, DOGS could potentially flip BRETT and BONK in market cap and ranking.
Moreover, this would solidify its position among the top meme coins. The robust trading activity indicates strong demand, which, coupled with the bullish technical indicators, positions DOGS for a potential rally.
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