As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I must say that the recent price action of Sundog has certainly piqued my interest. The meme coin’s meteoric rise to over 339 million in market cap is nothing short of remarkable, especially considering its launch just a short while ago.
The price of Sundog coin has shown exceptional movement since its debut, surpassing a market capitalization of 339 million. Over the past day, this meme coin increased by 5.2% likely due to the recovery of the crypto market triggered by Bitcoin and also because the Bank of Japan (BOJ) opted to maintain its interest rates. Moreover, the recent introduction of Sundog staking might offer the momentum needed for the asset to surpass a $500 million market cap.
New Staking on Sunbot Could Pump Sundog Price
As an analyst, I’m excited to share that Sundog token holders now have the opportunity to stake their tokens on Sunbot, potentially earning up to a 60% Annual Percentage Rate (APR), as announced in an official post on our platform.
The staking will run for 12 months, with web stakers earning slightly less than 54% APR.
In simpler terms, staking involves keeping your tokens locked up for a specified period, which earns you interest or rewards over time. By doing so, these tokens are taken out of circulation, creating more demand since there’s less supply available. This increased demand can potentially boost the token’s price.
As a researcher examining the cryptocurrency market, I’ve noticed an intriguing contrast between SUNDOG and Solana. While SUNDOG boasts a total supply of 1 billion tokens, all currently in circulation, Solana has a circulating supply of approximately 468.5 million coins, with almost the entire amount staked. This substantial stake has played a significant role (in addition to network usage) in driving Solana’s rapidly escalating price.
In the past month, the value of Sundog, a meme cryptocurrency based on the Tron blockchain, has skyrocketed by more than 370%. Currently, each Sundog is worth approximately $0.3355. Over the past day, its price has risen by about 5%.
Why SUNDOG Price Could Reach $0.6
Over the last seven days, the price of Sundog appears to have stabilized, potentially suggesting it’s about to burst out of an optimistic pennant pattern, as seen in its historical chart trends.
Traders who focus on derivatives have access to this piece of information because data from Coinglass indicates a significant majority of Long Liquidation Leverage, implying that there are more positions taken as long (buy) in Sundog than short (sell).
This skew indicates that optimistic attitudes are predominant among traders, as they foresee more opportunities for growth in the asset’s value.
According to the Sundog price chart, the asset appears to be moving in a rising pattern, as suggested by the upward slant of the channel it’s trading within. This channel is formed by two lines running parallel to each other, providing a general direction for the price increase over the observed period.
Key Support and Resistance Levels
- $0.3552 – This is the immediate resistance level where the upper boundary of the channel meets recent price peaks.
- $0.31187 – The lower boundary of the ascending channel represents this support level. Additional dynamic support is provided by the moving average (green line), which seems to align closely with the channel’s lower edge.
As a crypto investor, if the current trajectory continues and the market stays bullish, my long-term investment might see significant gains, potentially propelling the price up by around 53%, reaching the $0.55 range.
If the cost continues inside its trading range, buying opportunities during dips to the bottom of the channel or moving average could be excellent chances for collecting assets.
If Sundog’s price falls beneath its trend line, this might suggest vulnerability in the market and potentially lead to a decrease towards $0.22 and even $0.13.
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2024-09-20 09:14