DOGS Price Predictions: How Low Will New Meme Coin Go?

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As a seasoned crypto investor with over a decade of experience navigating the ever-changing digital asset landscape, I’ve learned to stay patient and adaptable in the face of market fluctuations. The DOGS price decline has certainly caught my attention, especially given its quick rise to prominence within the cryptocurrency sphere.

The novel meme token called DOGS, which operates on the TON blockchain, has garnered significant interest within the realm of cryptocurrencies. However, following an initial surge of excitement, DOGS has lately found itself in a downtrend, as its value continues to decrease

As a passionate crypto investor, I’ve been drawn to the dynamic energy of the Telegram token, reminiscent of Spotty, a character associated with Pavel Durov, Telegram’s founder. This digital currency embodies the innovative and lively spirit of its user base. Despite the unwavering enthusiasm within the community, the market’s performance has been less than favorable lately, indicating a tough time for DOGS in the ever-changing crypto sphere

DOGS Price Decline Linked to On-Chain Withdrawals

Over the past week, the price of DOGS dropped by approximately 20%, and over the course of the month, it fell by about 34%. This downward trend started soon after the activation of the on-chain withdrawal feature. This tool enabled more recent investors to withdraw their airdropped tokens. Since its launch on August 29, DOGS has consistently seen a decrease in value

A distinct “rounding top” shape appeared, hinting at a bearish control and pushing prices even lower. Across the broader cryptocurrency landscape, there’s a persistent downtrend. The price of Bitcoin is currently below $59,000, while Ethereum is finding it tough to hold above $2,500. In much the same way, most meme coins are underperforming and are unable to break free from their downward slopes

Over the last 24 hours, I’ve noticed some turbulent trading with DOGS, dipping as low as $0.0009769 and reaching a high of $0.001052. At the moment, the price is holding steady at $0.001048, marking a minimal 0.50% rise during U.S. trading hours. This recent development follows a significant drop in the token’s value by 37.6%, from its peak of $0.001644 on August 28, 2024

Can It Recover From Recent Market Downturn?

At present, the price of DOGS is facing resistance at around $0.0015. Breaking above this significant level could potentially trigger a substantial increase in price. If the price manages to break through this resistance, potential targets could reach $0.0017 and even $0.002

As I analyze the 4-hour technical indicators for DOGS, it appears that we’re entering a phase of consolidation after a significant price surge. The Moving Average Convergence Divergence (MACD) indicates a bearish trend, hinting at potential decrease in momentum. Specifically, the MACD line (represented by blue) has dropped below the signal line (orange), and the histogram has switched from green to red, reinforcing this downward forecast

In simpler terms, the Awesome Oscillator (AO) is showing a negative number at present, often indicating strong selling pressure from traders who are bearish. Furthermore, the majority of AO’s bars are red, reinforcing the decreasing momentum that has been noticed in the DOGS market

DOGS Price Predictions: How Low Will New Meme Coin Go?

Based on information from Coinglass, the trading volume for DOGS has significantly spiked by 33.58%, amounting to an impressive $1.30 billion. Simultaneously, open interest in DOGS has also seen a slight rise of 0.73%, reaching $114.09 million. This substantial growth in both volume and interest might suggest considerable market activity during market turbulence

DOGS Price Predictions: How Low Will New Meme Coin Go?

If selling pressure persists, there’s a possibility that the price could fall back to the support point of $0.00112. Should this support break, additional drops toward $0.0011 might occur

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2024-09-04 20:22