Dogs [DOGS] has experienced a downtrend against the U.S. dollar over the past week.
As of press time, DOGS was trading at $0.001056, reflecting a -3.47% decline in the last 24 hours and an -18.37% decrease over the past seven days.
a circulating supply of 520 billion DOGS, the project, at press time, held a market cap of $545,919,186.
The recent downtrend has occurred despite a strong start, as DOGS has been one of the newest additions to the rapidly growing Toncoin ecosyste
If the predicted breakout occurs, this could mark a significant turnaround for the token’s short-term price actio
Technical indicators suggest potential upsi
The press time price of DOGS was $0.0010587, hovering near the middle of the Bollinger Bands. The lower band was at $0.0009783, and the upper band is at $0.0011140, indicating a period of low volatility.
The slight upward movement of 1.04% in the latest 4-hour candle provided early signs of stabilization after recent decline
In addition, the Money Flow Index (MFI) stood at 55.26, suggesting moderate buying pressure without reaching overbought condition
This indicated that there may be room for a price increase in the short term, though a more bullish trend would only be confirmed if the MFI exceeds 75
Source: TradingV
Meanwhile, the Relative Strength Index (RSI) was at 45.72, signaling that the market is near neutral but with slight bearish sentimen
Traders will be watching for the RSI to rise above 50, which could signal a shift towards more buying momentu
Decline in network activity raises concer
According to IntoTheBlock data, on-chain metrics revealed a sharp drop in daily active addresses over the past week
On the 5th of September, active addresses peaked at around 1.05 million, but the 7-day change showed a -33.71% decline
This drop suggested a noticeable decrease in user activity, potentially linked to the recent downtrend in DOGS’ price. .nsm.t.iew. s.s. den.m.
