DOGS Price Prediction: Can This Memecoin Trigger a Bullish Rebound to Prevent the 10% Pullback?
- WBOYOriginal
- 2024-08-30 21:27:18788browse
After being listed on various exchanges in just a few days, the DOGS price experienced a huge ascending trend, forming fresh highs at $0.001644.
DOGS price had been rising rapidly after hitting various exchanges, but the bears have now begun to cash in on the gains, putting increasing pressure on the token and slowing its ascent. As the monthly close approaches and market participants express uncertainty, the bulls could adopt a more passive approach.
But what lies ahead for the DOGS price? Can it muster a bullish rebound to avert the 10% pullback?
DOGS price had been trading within an ascending parallel channel from the get-go, but the recent pullback has stalled the rally. Over the last 24 hours, the price has dropped by more than 10% but has managed to become the eighth top memecoin, surpassing BOME and POPCAT. Currently, the bulls are attempting to maintain their strength and engineer a “V-shaped” recovery by the end of the month.
The short-term price action of DOGS suggests that the bears have asserted a strong dominance over the rally. Following the breakout from the ascending parallel channel, the token seems to have started trading within a descending parallel channel. The technicals remain largely indecisive as the MACD showcases a slight uptick in buying volume while the Stochastic RSI has reached the upper boundary, indicating that a pullback could be approaching fast.
Hence, the DOGS price is expected to encounter a minor pullback to the immediate support around $0.00119, which might set up a fine rebound. Once the price reaches the resistance of the descending channel, the bulls are likely to show some strength, which might push the prices back within the ascending parallel channel and reclaim $0.0016. With this move, the bulls might regain their dominance, which could drive the levels up towards fresh highs.
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