DOGS Meme Coin Poised for Rally as Analyst Suggests a Possible Breakout

Built on the TON blockchain, the meme coin DOGS is attracting a lot of interest since an analyst suggests a possible breakout.

A meme coin built on the TON blockchain, namely DOGS, is garnering attention following an analysis suggesting a potential breakout. In a tweet, Captain Faibik, a renowned crypto analyst, observed DOGS' positioning within a 4-hour time frame for an upside breakout from a descending channel pattern.

This analysis primarily hinges on the formation of a higher low, which serves as a key indication suggesting the likelihood of a forthcoming higher high. Within this framework, the analysis projects a potential price rally of over 70% within the coming days.

At the time of writing, DOGS is trading at around $0.00077, showcasing a remarkable 9.01% and 16.06% increase over the last 24 hours and 7 days, respectively. This sustained growth has propelled the token's market cap to cross $400 million, highlighting the rising demand for DOGS in the market.

Moreover, the token's performance over the past few days, coupled with technical indicators aligning with bullish projections, has sparked further speculation that its trajectory may continue its upward ascent.

In an exciting development, a previous CNF report unveiled a significant update regarding DOGS' future supply. The report highlighted a $4 million burn plan involving both DOGS and Notcoin tokens, aiming to reduce the circulating supply and potentially driving the token toward scarcity.

Given the reduced supply and the strong community support behind the burn, this initiative may further fuel a positive sentiment around the token. Notably, the community's active role in deciding on the token burn has instilled greater confidence among investors, as several speculate that the limited supply could drive a price increase post-burn.

The above is the detailed content of DOGS Meme Coin Poised for Rally as Analyst Suggests a Possible Breakout. For more information, please follow other related articles on the PHP Chinese website!