DOGS price has broken above the 20-day EMA in the short term.
DOGS ranks 12th in the cryptocurrency market in terms of trading volume.
The DOGS cryptocurrency price has fallen by 30% in a week.
The technical chart shows that the Dogs Stocks (DOGS) price went through a correction phase after a sharp rise. During the correction phase, the decline ended at the $0.00100 mark and formed a small bullish candlestick.
In the short term, DOGS prices triggered a correction, but buyers were not strong enough and selling pressure emerged. Prices have surged 97.40% since publication and are 39.32% below their all-time highs.
At press time, the DOGS cryptocurrency is trading at $0.00105, having remained neutral over the past 24 hours. Also, the market cap is $547.11 million, with a 24-hour trading volume of $523.86 million.
Can the DOGS cryptocurrency price surge 40% in one fell swoop?
Capital Faibik (@CryptoFaibik) tweeted that the DOGS cryptocurrency price has reached a key breakout level. The price has formed a descending wedge pattern on the hourly timeframe and is awaiting a breakout.
After a successful breakout, a 40% rally is expected in the short term, and the Dogs stock price could easily approach the previous swing high and set a new all-time high.
DOGS price technical analysis on the 4-hour timeframe
On the 4-hour timeframe, the Dogs stock price has triggered a breakout from a descending wedge pattern. The price has been declining due to resistance from the descending trendline.
Following the breakout, the crypto-asset price surpassed the 20-day exponential moving average (EMA), which is likely to attract buyers.
If the price sustains above the 20-day EMA, the price is likely to gain bullish momentum and extend to the 100-day EMA. Assuming the price breaks above the 100-day EMA, it will be a buying opportunity. A bullish spark is likely to attract buyers to set new all-time highs.
On the other hand, if the price breaks below the 20-day EMA, buyers might get stuck and face Stop Loss (SL). At this point, buyers might prefer to book profits, thus creating a strong bullish momentum.
Is the correction phase of DOGS prices over?
On the daily chart, the DOGS cryptocurrency price is showing weakness after reaching its all-time high. The price has entered a 37% correction phase and the bearish trend has ended.
According to the analysis, the Dogs stock appears to have entered a correction phase. However, it is showing potential for a bullish breakout.
If the price sustains above the 20-day EMA, it is likely to gain bullish momentum and extend towards the 100-day EMA. However, if it breaks below the 20-day EMA, buyers are likely to face challenges.
Monitoring key levels, such as the $0.00120 mark, is crucial to gauge the behavior of potential buyers and sellers. Overall, the DOGS cryptocurrency price appears to be at a critical stage with the potential to set new all-time highs.
