$DOGS appears to be forming a technical pattern known as an inverted head and shoulders. This is often considered a bullish reversal signal. This pattern, characterized by three bottoms with the middle bottom being the deepest, is often followed by a breakout above the “neckline”. DOGS price appears to be forming this pattern. And, a potential breakout above the neckline could lead to a price target of $0.0012000.
Additionally, the 50-period EMA and the 100-period EMA are both at $0.0010400, suggesting that the market may be in a consolidation phase. Simply put, the price is currently trading near these resistance levels, which could lead to further indecision between buyers and sellers. The RSI, at press time, is reading 46, slightly below the neutral level of 50. This means that while bearish momentum is present, the market is not in oversold territory.
