- DOGS has bounced back 9% after a significant dip, with analysts predicting a 40% rally following a falling wedge breakout.
Whale transactions have decreased, while Open Interest in DOGS has surged, signaling potential upward momentum.
As a seasoned analyst with over two decades of experience in the ever-evolving world of cryptocurrencies, I find myself intrigued by the recent performance of DOGS, the canine-themed memecoin that has become a staple within the crypto community.
Since its launch, the cryptocurrency known as “Dogs” – a digital coin themed around dogs, particularly the character “Spotty,” and created on The Open Network blockchain – has shown a rollercoaster ride in market fluctuations.
This digital currency, having a maximum mintage of 550 billion units, with more than half (over 516 billion) already circulating, is mainly allocated to active Telegram users according to their engagement levels.
As an analyst, I’ve found myself closely watching the volatile journey of DOGS within the cryptocurrency sphere. The price fluctuations have resembled a thrilling roller coaster ride, oscillating between periods of growth and decline.
On August 28th, the value of the memecoin soared to an unprecedented level of $0.001633, which was quite an accomplishment. But just after reaching this maximum point, DOGS underwent a substantial drop, decreasing by approximately 32% from its highest point.
In the past 11 hours, DOGS registered an all-time low, trading at $0.0009802.
Even though it saw a significant drop, the memecoin based on dogs displayed signs of improvement. In fact, it experienced a 9% surge in value over the last day, raising its current trading price to $0.001094 as of this moment.
DOGS: Technical outlook and prediction
Known cryptocurrency expert Captain Faibik has expressed optimism towards DOGS, suggesting a possible rebound soon. On his latest update on platform X (previously known as Twitter), Captain Faibik pointed out this potential short-term recovery.
“On the Hourly Chart, the price action for ‘DOGS‘ appears to be escaping a Falling Wedge pattern. We anticipate a potential 40% bullish surge in the immediate future. Make sure you’re on board for this exciting uptrend!”
As a seasoned crypto investor, I’ve come to appreciate the significance of the falling wedge, a technical chart pattern that often signals a bullish outlook. This pattern tends to emerge during market downturns, where the price fluctuates between lower highs and lower lows, gradually narrowing the range of prices.
If the cost exceeds the upper boundary line of the trend, it suggests that the downward trend has ended and a positive upward movement, or bullish surge, is about to commence.
According to Captain Faibik’s assessment, if DOGS were to break free from its current trend, it could potentially surge by up to 40% over the short term. This prediction brings hope and optimism to those who own this memecoin.
Whale transactions and Open Interest
The basic aspects of dogs, too, offer intriguing perspectives. As per information from IntoTheBlock, there’s been a significant drop in whale activities (transactions surpassing $100,000) over the past few days.
Initially reaching a high of 244 significant transactions on the 27th of August, the count has since dropped significantly to only 64 such transactions at the moment of publication.
A decrease in whale involvement might signal lessened investor enthusiasm from major players, potentially affecting the short-term fluctuations in the cryptocurrency’s price.
Conversely, there’s been a substantial rise in the Total Value of Outstanding Derivative Contracts for DOGS, a measurement known as Open Interest.
According to data from Coinglass, the value of the memecoin’s Open Interest increased by 13.84%, amounting to approximately $124.56 million.
Read Dogs’ [DOGS] Price Prediction 2024–2025
Furthermore, the Open Interest surged by 28.41%, and it sat at $1.40 billion at press time.
The rise in Open Interest indicates that traders are preparing for possible price fluctuations, potentially amplifying the volatility in DOGS‘ market activity.
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2024-09-06 04:08