DOGS trades below its 50-day moving average, indicating a bearish trend.
Rising volume and user engagement point to a potential upside for DOGS.
DOGS, a memecoin on the TON blockchain, has experienced a 10.15% decline, now trading at $0.0008492. Earlier today, DOGS hit an all-time low of $0.0008095 over the last 24 hours but rebounded by 4.89%. The current market cap of DOGS stands at $440.7 million. Its 24-hour trading volume has surged by 79.39%, totaling $200.4, making it the 38th most traded coin.
The Market Cap ratio is 43.72%, highlighting increased trading activity despite the price drop. DOGS has a circulating supply of 516.75 billion, representing 93.95% of its total 550 billion DOGS. This high percentage suggests that most tokens are already in the market, contributing to its market dynamics.
DOGS’ Volume Spike and Technical Analysis
The memcoin is trading below its 50-day moving average of $0.000900, indicating a short-term bearish trend. Its 200-day moving average of $0.0011 suggests a weaker long-term outlook.
(Source: Santiment)
The next key support level is near $0.000800, just below today’s low, while resistance is at $0.000944, touched earlier today but not sustained. The RSI is currently at 45, showing that DOGS is neither oversold nor overbought, with sentiment leaning slightly bearish.
The recent 79.39% volume spike suggests rising interest in the token despite the price decline, signaling either an upcoming trend reversal or heightened volatility. Both DOGS and Toncoin (TON) are gaining traction due to ecosystem advancements. Binance’s Launchpool has boosted TON’s profile, with games like Catizen (CATI) and HamsterCombat (HMSTR) adding to the ecosystem. These developments have significantly increased new and active users, pushing TON’s total addresses to 2.89 million.
Following its airdrop, DOGS saw a 500% increase in holders, now ranking third in unique wallet addresses on the TON blockchain, surpassing Ethereum and USDT. This surge caused a six-hour downtime on the TON network due to high demand. Analysts predict a bullish breakout for the memecoin, with a potential upside to $0.001108. DOGS continues to navigate a volatile market, but growing user engagement and technical indicators point to possible rebounds, driven by the expanding TON ecosystem.Highlighted Crypto News Today Is Ethereum Poised to Break Through the $2.7K Barrier?
