The price of the DOGS meme coin has experienced a decline, as noted in a series of tweets by CryptoBusy, a top crypto analyst. In one tweet, CryptoBusy stated that DOGS shorts had been activated, highlighting several confluences.
Moreover, he mentioned including a breakdown of previous support and a descending triangle pattern, both contributing to the bearish momentum. As a result, the DOGS coin has witnessed a substantial drop, with its price falling nearly 10% in the past day.
This downturn aligns with negative market sentiment, pushing the meme coin further into bearish territory.
DOGS Price Analysis
CryptoBusy’s analysis points to several critical factors contributing to DOGS’ downtrend. First, a descending white trendline confirms the downward trajectory, indicating that sellers are maintaining control of the market.
$DOGS shorts has been activated! Confluences:– Breakdown on previous support– Descending triangle breakdown– Negative market sentimentStay tuned and follow us @Cryptobusy for more! We'll make sure that you guys are profiting from a bearish market! #Toncoin $TON… https://t.co/angAJ2ajdJ pic.twitter.com/WFZg9I8FOu
— CryptoBusy (@CryptoBusy) September 4, 2024
Additionally, the coin’s price attempted to recover around key Fibonacci retracement levels (0.236 and 0.382) but failed to break through, signaling weak bullish momentum.
Moreover, a crucial support zone was breached after testing these Fibonacci levels, further solidifying the bearish trend. The price continued to decline, trading near the 1.618 Fibonacci extension level, approximately at $0.000906, which marks a 9% loss.
According to CryptoBusy, this breakdown below the 1.618 Fibonacci level could lead to additional losses unless a bullish reversal pattern emerges.
Market Sentiment and Price Impact
CryptoBusy also mentioned the broader market sentiment as a critical factor in DOGS’ price decline. The analyst noted that negative sentiment is driving more shorts, leading to further selling pressure.
Additionally, DOGS coin’s price today, according to CoinGecko, is $0.001014. This represents a 10.20% dip in the last day and an 18.30% drop over the past week.
In a previous tweet, CryptoBusy highlighted that DOGS was at a crucial support level, awaiting a potential breakout or further breakdown.
The analyst suggested that a pump in the Telegram token (TON) could positively influence DOGS’ performance, but the current data shows that the meme coin has yet to follow that pattern.
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Bearish Momentum and Future Outlook
The overall outlook for DOGS remains bearish, with no immediate signs of recovery. CryptoBusy’s analysis highlights the importance of observing critical support and resistance levels.
The failure to hold above support zones and the strong bearish momentum suggest that further downside is possible unless market sentiment shifts or a consolidation pattern emerges.
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