DOGS Revamp a Positive Run Indicating the Revival of a Fresh Upswing

The crypto markets remain consolidated within a narrow range, while new tokens have begun to attract massive attention and liquidity

Crypto markets remain consolidated within a narrow range, but new tokens have attracted massive attention and liquidity. Among them, one token has shown exceptional resilience despite initial setbacks.

DOGS, the newly launched memecoin on the TON blockchain, gained huge popularity after its debut in July. The token, which mainly targets Telegram users, faced speculations of a bearish impact following the arrest of its founder. Moreover, the Toncoin (TON) price dropped by 20% soon after the arrest, further strengthening these speculations.

However, with the latest update on Telegram's CEO, Pavel Durov, the DOGS price has shown a strong revival, displaying a decent ascending trend. The TON blockchain also faced downtime during the previous trading day, but the TON price remained elevated. The token quickly entered the top 100 tokens, keeping up the expectation of a fresh upswing.

In this scenario, the DOGS price has emerged as the top performer for the day, showcasing an over 22% jump since the early trading hours. As the bulls continue to dominate the market, will DOGS maintain an ascending trend? Can it reach $0.002 before the month ends?

A glance at the hourly chart of DOGS reveals that the bulls still have more room to thrive as the technicals continue to favor their cause despite interim bearish actions. The stochRSI is about to cross the upper threshold, while the MACD displays a drop in the selling pressure.

Therefore, with the inception of a fresh buying volume, we can expect the DOGS price to rise above the average zone of the rising parallel channel. This move will see the price rise by over 12% and test the upper resistance of the channel above $0.0017.

Here, the bulls are expected to demonstrate significant strength, which may help the new memecoin breach these levels. However, bearish interference may hinder the progress of this rally, but it can be expected to be short-lived as a rise beyond $0.02 appears to be imminent in the first few days of September 2024.

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