DOGS Coin Price Declines Sharply Despite Rally, Raising Questions About Its Future Direction
- 王林Original
- 2024-09-10 00:03:121076browse
DOGS token price declined sharply on Sept. 8, falling over 10% to a low near $0.0009 before recovering. Despite DOGS prices rallying nearly 3%
DOGS token price showed resilience on Sept. 8, recovering from lows to trade above $0.001. However, the token remained in the red over the past 24 hours.
The token’s price has shown volatility, as hype, shilling, and speculation remain the Dogs token’s key bullish cues. The recent price raises questions about what direction DOGS Coin might take in the coming days.
Analyst Seeks Bullish Cues For DOGS Token In NOT Price Action
Independent crypto analyst Han Ji Ahn shared charts on social media comparing the price action of DOGS Coin and NOT Coin. The analyst focused on the price trajectory ten days after their respective TGEs (Token Generation Events).
NOT Coin experienced a 549% rally after an initial dip, recovering sharply. In contrast, DOGS Coin has followed a similar downward path but has yet to show signs of recovery or a significant upward breakout.
The DOGS crypto token price has remained mostly bearish after an initial spike on launch day. DOGS Coin may continue its downtrend unless buying pressure increases and more buyers enter the market.
In another post, Han Ji Ahn highlighted the DOGS token’s high 24-hour trading volume relative to its market cap. A volume-to-market cap ratio of 69.86% indicates substantial trading activity relative to the token’s overall market valuation.
However, the activity occurred during a price decline, indicating that selling pressure might outweigh buying interest. A 27.65% drop in volume reflects potential market exhaustion or profit-taking, further reinforcing the current bearish sentiment around DOGS Coin.
Another critical factor to consider is the ongoing DOGS Coin airdrop. With airdrop recipients still holding their tokens, a large sell-off once the airdrop distribution is complete is a looming possibility.
The influx of tokens into the circulating supply could worsen the bearish pressure against the memecoin. Moreover, airdrop recipients choosing to liquidate their holdings for short-term gains could add to the selling pressure against the DOGS coin. Historically, airdrops tend to introduce sell pressure as users who receive free tokens quickly offload them.
As such, it is unlikely that the token would mirror Notcoin’s bull run, though a minor recovery rally cannot be ruled out.
DOGS Price Recovers Marginally
The Dogs coin price recovered slightly on Sept. 9, before encountering resistance at $0.00104 on the 4-Hour (4H) chart. For the token to continue rising, bulls must overcome this resistance.
Breaking and consolidating above the immediate resistance could help the token rise to the resistance near $0.00111. Conversely, a breakdown from current price levels might force the Dogs coin price to test the support levels near $0.00096 and $0.000914 before recovering.
The relative strength index for DOGS crypto token remained neutral on the 4H charts, with a score of 46.38.
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