-
DOGS could be the next best bullish opportunity now that sell pressure has subsided, followed by a slight bounceback.
Evaluating market sentiment shift alongside address activity.
As a seasoned analyst with over two decades of market observation under my belt, I find myself intrigued by the recent performance of DOGS, the memecoin that has captured the crypto world’s attention.
Approximately seven weeks have passed since the launch of the DOGS meme coin. In the beginning, it surged ahead for the first three days. However, since then, it’s been on a steady decline, largely due to the persistent selling activity experienced particularly in September.
It seems that the downward trend for DOGS might be slowing, based on its behavior this month. This increase in positive performance suggests a potential uptrend or “bullish relief rally” could occur in the near future. We’re already seeing hints of this shift unfolding.
Over the past six weeks, DOGS has put forth an extremely optimistic performance, primarily due to the impressive 23% surge it experienced over the last two days.
Indicating a possible further rise for the cryptocurrency, given that the selling pressure has stabilized within the initial ten days of October.
At the moment of reporting, the price of DOGS stood at 0.000778 USD. The Money Flow Index (MFI) indicates that there’s been an influx of liquidity into the memecoin since the beginning of the month, which suggests a growing bullish sentiment.
Is DOGS ready for a bullish recovery rally?
Dogs’ most recent showing hints at a substantial build-up near the lower price points they’ve recently touched.
Nevertheless, maintaining the current bullish trend might necessitate additional cash infusions. Given its recent surge in popularity, achieving this task could prove less challenging.
Current data from blockchain activity indicates that DOGS might continue holding its top spot. To illustrate, at present, DOGS is the TON blockchain’s most widely-held token, boasting approximately 5.6 million owners.
On the 24th of September, a record-breaking 6.36 million addresses held balances. However, that number has now decreased by approximately 780,000 addresses.
On the other hand, it’s worth noting that approximately 6.05 million out of the total 12.05 million dog addresses hold no balance.
It seems that the amount of zeros (or zero balances) is becoming more stable, suggesting a decrease in selling pressure.
To clarify, while there has been a recent increase in activity related to the DOGS memecoin, it hasn’t shown a substantial improvement or strong accumulation so far.
Nevertheless, a slight change in sentiment occurred recently, which may be in favor of the bulls.
Read Dogs’ [DOGS] Price Prediction 2024, 2025
For four straight days starting from October 8th, there were more bullish attitudes than bearish ones, which goes against the general sentiment seen in September.
To summarize, it appears that DOGS is showing numerous indicators suggesting a prolonged bullish recovery might be on the horizon. Yet, it’s crucial for transactional activity to unequivocally show signs of preference towards buying or accumulation, providing us with greater certainty about its future direction.
Read More
- HBAR PREDICTION. HBAR cryptocurrency
- IMX PREDICTION. IMX cryptocurrency
- JTO PREDICTION. JTO cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- FLOKI PREDICTION. FLOKI cryptocurrency
- DGB PREDICTION. DGB cryptocurrency
- TNSR PREDICTION. TNSR cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
2024-10-13 09:11