Following its launch, $DOGS saw a remarkable 140% surge before settling into a consolidation phase. The key level at $0.0013, marked by the candle closure during the launch, has proven pivotal. The price has since formed a solid base, tested multiple times, and successfully initiated an uptrend, breaking the previous downtrend and resistance levels.
Currently, $DOGS is consolidating around the EMA50 on the 30-minute timeframe, though this support level is under threat. Should a breakdown occur, a dip back to the listing price may present a strategic entry point, particularly if accompanied by a significant volume spike akin to the one observed during the initial breakout.
WHERE TO JUMP BACK ON?
After a solid rally yesteday, $DOGS is showing signs of fatigue. The first hint of waning momentum was evident when the token, tied to the Telegram-native app, dropped by 17% yesterday. This dip created a lower low, indicating the uptrend is losing steam and signaling the onset of profit-taking.
If we had managed to rally above the August 28 swing high of $0.00167, it would have suggested continued buying pressure. However, setting a lower low instead confirms that a deeper correction is likely on the horizon.
Investors should be prepared for a potential pullback aligning with the two-day composite value area. If buyers can defend this support level, we could see a 10% rally again, pushing DOGS towards the next significant hurdle at $0.00160.
However, if the $0.00144 support fails, DOGS might face a 14% drop, revisiting the next key support level at $0.00125. This area presents a solid opportunity for investors to accumulate the meme coin at a discounted rate.
In summary, there are two key levels to consider for accumulating DOGS tokens: $0.00144 and $0.00125. If we hold above $0.00144 and start an uptrend from here, keep an eye on the $0.00160 level for a retest. Should buyers maintain positions rather than cashing out at this point, the uptrend could continue, potentially leading #DOGS to revisit its ATH of $0.0018
