Captain Faibik identifies a breakout for DOGS token from a falling wedge pattern.
The analysis suggests a potential 40% rally in the short term.
DOGS trades at $0.00104, a 2.03% increase today, though down 34% over the last two weeks.
Crypto analyst Captain Faibik sees a potential bullish rally for the DOGS token, a major dog-themed meme coin built on the Telegram-backed Toncoin (TON) network. Faibik anticipates a 40% price surge once the token breaks out of a descending trendline on the hourly chart.
Notably, the recently launched token has been a key meme coin in onboarding more users into Web3, reaching a milestone of a million on-chain holders in less than seven days of official trading on centralized exchanges, including Binance and Bybit.
This user base propelled DOGS into mid-cap altcoin territory, with a fully diluted valuation of roughly $575 million and a daily average traded volume exceeding $540 million, according to CoinmarketCap.
However, the late-August frenzy that boosted DOGS’ value was followed by a Bitcoin-led correction phase that impacted altcoins, including DOGS. Specifically, DOGS hit an all-time low of $0.0009769 on Wednesday, a …
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