DOGS Forms Bullish Pattern with 65% of Holders in Profit

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The DOGS token, a new memecoin on the TON blockchain, has been drawing attention within the cryptocurrency community due to its recent price performance. Despite a slight decline in value over the past week, analysts believe a bullish reversal may be on the horizon.

At the time of reporting, DOGS is priced at $0.001038, with a 24-hour trading volume of $310,482,455. This reflects a modest 0.36% drop in the last 24 hours and a 3.65% decrease over the past week. With a circulating supply of 520 billion DOGS tokens, the market capitalization stands at $534,686,829.

Technical indicators point to bullish reversal

Technical indicators suggest a potential bullish reversal. Mikybull Crypto, a cryptocurrency analyst, observed that DOGS appears to be forming an inverse head and shoulders pattern, which is typically seen as a bullish reversal signal.

This pattern is defined by three troughs, with the middle one being the deepest, and is often followed by a breakout above the “neckline.” DOGS’ price seems to be following this formation, and a potential breakout above the neckline could push the price to a target of $0.0012000.

Additionally, the 50-period and 100-period exponential moving averages (EMA) are both hovering around $0.0010400, indicating the market might be in a consolidation phase. In simpler terms, the current price is trading close to these resistance levels, which could lead to further hesitation among buyers and sellers.

At the time of writing, the Relative Strength Index (RSI) for DOGS sits at 46, slightly below the neutral mark of 50. This suggests that while bearish momentum persists, the market is not yet in oversold territory, leaving room for a potential upward move.

Growing popularity on the TON blockchain

Growing Popularity on the TON Blockchain The increasing prominence of DOGS on the TON blockchain is also fueling optimism. Since its Token Generation Event (TGE), where 17 million tokens were claimed within the first two weeks, user engagement with the token has surged.

This heightened activity has helped drive the adoption of the TON blockchain, solidifying DOGS as one of the most widely held tokens across multiple blockchains.

The sharp rise in transactions and user participation indicates sustained interest in DOGS, despite recent price fluctuations. As the token gains more holders and is traded more extensively, its potential for a price recovery could strengthen.

In/Out of the money data offers insight

On-Chain Data Offers Market Insights Finally, on-chain data provides further context on DOGS’ market position. With the token priced at $0.001032 at the time of reporting, approximately 65.11% of addresses are “In the Money,” meaning these investors purchased the token at a lower price.

Meanwhile, 23.96% of addresses are “Out of the Money,” having bought in at a higher price, and 10.93% are “At the Money,” with their purchase prices close to the current value.

This data suggests that the majority of investors are in a profitable position, which could lead to increased buying pressure if a bullish reversal occurs.