DOGS Price Prediction:
The price of DOGS skyrocketed on Wednesday, surging by 22.8% to trade at $0.0152, fueled by positive sentiment surrounding its adoption. This increase stands in contrast to the broader crypto market, which saw a 5.5% decline in market capitalization during the same period.
The Telegram-native meme coin has been gaining attention due to strong community backing. The price boost came after DOGS was listed on Binance, the world’s largest crypto exchange, on August 26. However, on its listing day, DOGS experienced a sharp 42% drop following a widespread selloff, which led to fear, uncertainty, and doubt (FUD) in the market, particularly since the listing coincided with International Dogs Day.
The selloff was triggered by a Token Generation Event, during which the project unlocked 502.48 billion tokens. With 72.7% of the tokens allocated to an airdrop, concerns arose about a potential oversupply, causing anxiety among some DOGS token holders. On the other hand, the increased supply has also boosted liquidity, which could potentially support the DOGS token price in the long term.
Momentum Indicators On the 2-hour chart, momentum indicators point to bullish price movement. DOGS has recently broken above the upper Bollinger Band, indicating strong buyer control. Additionally, the Money Flow Index shows a positive reading of 74, suggesting a healthy inflow of capital into the token.
DOGS Price Support and Resistance Levels
DOGS could continue its upward trend if it remains above the $0.00137 pivot level. With buyers currently in control, the first resistance is likely at $0.00167. If bullish momentum continues, DOGS may break through this resistance and aim to test the $0.00200 level.
Conversely, if the price falls below $0.00137, it could give sellers the upper hand. In this scenario, the first support level may be found at $0.00101. Should the sellers maintain their dominance, they could push the price further down to test the $0.00072 level.
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$DOGS
