DOGS Price Prediction: Can the Dog-Themed Memecoin Recover After Hitting an All-Time Low?
- WBOYOriginal
- 2024-09-06 12:31:29775browse
Dogs [DOGS], a dog-themed memecoin built on The Open Network [TON] blockchain and inspired by the dog character “Spotty,” has been experiencing a volatile market performance since its inception.
The memecoin, inspired by the dog character “Spotty,” has a total supply of 550 billion tokens, with over 94% already in circulation. Its price has experienced both highs and lows.
After hitting an all-time high of $0.001633 on August 28, a record price for the memecoin, DOGS encountered a downturn, experiencing a 32% drop from its peak.
However, at the time of writing, the coin had recovered somewhat, showing a 9% increase in price over the past 24 hours. This brought the memecoin to a current trading price of $0.001094.
DOGS technical outlook and prediction
Crypto analyst Captain Faibik shared a bullish prediction for DOGS, indicating a potential recovery in the short term.
In a recent post on X (formerly Twitter), Captain Faibik noted,
“DOGS is breaking out of a Falling Wedge on the Hourly Time Frame Chart. Expecting a +40% Bullish Rally in the Short Term. Don’t miss the ride.”
For context, a falling wedge is a technical chart pattern that is often viewed as a bullish indicator. It usually forms during a downtrend, where the price experiences lower highs and lower lows, ultimately creating a narrowing range.
When the price breaks out of the upper trendline, it signals the end of the downtrend and the beginning of a bullish rally.
In DOGS’ case, Captain Faibik’s analysis suggested that a breakout from this pattern could lead to a 40% rally in the short term, providing optimism for holders of the memecoin.
Whale transactions and Open Interest
Taking a closer look at DOGS’ fundamentals, data from IntoTheBlock highlighted a decline in whale transactions (those exceeding $100,000) over the past few days.
After reaching a peak of 244 transactions on August 27, the number of large transactions had dropped to 64 as of press time.
This decrease in whale activity could indicate a waning interest from large investors, which may impact the coin’s price movement in the near term.
On the other hand, DOGS’ Open Interest, which measures the total value of outstanding derivative contracts, showed a significant increase.
According to data from Coinglass, the memecoin’s Open Interest rose by 13.84%, reaching a valuation of $124.56 million.
Moreover, the Open Interest surged by 28.41%, and it sat at $1.40 billion at press time.
This increase suggested that traders were positioning themselves for potential price action, which could fuel further volatility in DOGS’ market performance.
The above is the detailed content of DOGS Price Prediction: Can the Dog-Themed Memecoin Recover After Hitting an All-Time Low?. For more information, please follow other related articles on the PHP Chinese website!