DOGS Forms Bullish Pattern with 65% of Holders in Profit

The DOGS token is forming a bullish pattern with a potential breakout targeting a price of $0.0012000. With 65% of holders already in profit, the token shows strong upside potential.

Azcnews Dogs Forms Bullish Pattern With 65% Of Holders In Profit

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

Dogs Chart
Dogs Chart

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.

Dogs Tradingview
Dogs Tradingview

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

Iomap Dogs
Iomap Dogs

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.

(1 vote)

4.0/5

(1 vote)

Latest

Sei Network Sets New Record As Tvl Surpasses $626 Million

News | Altcoin | Editor Choice

Sei Network Sets New Record as TVL Surpasses $626 Million

Sei Network (SEI) is gaining significant attention in the crypto community as its Total Value Locked (TVL) recently reached an all-time high of over $626 million.

Cz Warns Investors Don't Expect To Get Rich Quickly From Crypto

News | Editor Choice | Policy & Regulations

CZ Warns Investors: “Don’t Expect to Get Rich Quickly from Crypto”

Former Binance CEO Changpeng Zhao warns investors not to view cryptocurrency as a get-rich-quick tool, emphasizing that only those with patience and a deep understanding of the market can truly succeed.

How To Participate In Sunscreen Airdrop

Airdrops | Editor Choice

How to Participate in Sunscreen Airdrop

Join the Sunscreen airdrop hunt! The project has successfully raised $4.65 million and is currently allowing users to earn points.

Gate.io Suddenly Deletes Pump.fun’s Pump Token Presale Announcement

News | Editor Choice | Memecoin | Policy & Regulations

Gate.io Suddenly Deletes Pump.fun’s PUMP Token Presale Announcement

Gate.io sparked confusion in the crypto community after suddenly deleting its announcement about the presale of Pump.fun’s PUMP token, raising questions about the legitimacy and future of the potential partnership between the two platforms.

Us Government Moves Eth To Exchanges For Potential Sell Off

Altcoin | Editor Choice

U.S. Government Moves ETH to Exchanges for Potential Sell-Off?

This morning, the U.S. Government wallet address deposited over 86 ETH (worth $219,000) on the Coinbase exchange, raising concerns about a potential sell-off.