DOGS Meme Coin Shows Signs of Resilience, Could Be Ready to Bounce

DOGS, the recently launched meme coin on the Telegram-associated TON blockchain, could be ready to bounce. Since its launch, the token has lost 32% of its value.

The recently launched meme coin, named DOGS, on the Telegram-associated TON blockchain, appears to be preparing for a potential price increase. Since its launch, the token has experienced a decline of 32% in its value.

However, despite the drop, DOGS has managed to attract significant market interest, especially among cryptocurrency enthusiasts. Its resilience has earned it a place among the top 100 cryptocurrencies that are being closely monitored.

According to available data, it seems that buyers are returning to the market for DOGS. Following its launch on August 26, which coincided with Telegram CEO Pavel Durov's arrest in France, the token witnessed a massive distribution of over 400 billion tokens to users during its Token Generation Event (TGE).

The event sparked a wave of selling, causing DOGS' price to plummet from $0.0017 to $0.0010. But an analysis of the hourly chart reveals a noteworthy increase in the Money Flow Index (MFI), indicating a growing capital inflow into the cryptocurrency.

The MFI serves as a technical indicator that showcases the level of capital flow into a cryptocurrency. When it decreases, it signifies a rise in selling pressure, while an increase, on the other hand, suggests the opposite.

In the case of DOGS, the decreasing price accompanied by a rising Money Flow Index (MFI) suggests that the selling pressure is easing, and buyers are stepping in to create a bullish divergence. This formation often indicates a possibility for an upcoming price increase.

Furthermore, analysis of the derivatives market also reveals an optimistic outlook, evident in the rising funding rate. A higher funding rate indicates that buyers (longs) are paying sellers (shorts) to keep their positions open, signaling broader bullish sentiment. Conversely, a negative funding rate would indicate bearish expectations.

Considering the rising funding rate and recent price action, it appears that DOGS may be preparing for a potential move toward its overhead resistance.

Our price prediction for DOGS suggests that the meme coin is poised to retest the $0.0012 price level as it encounters strong buying support at $0.0010.

Continuing our analysis of the hourly chart, it seems that DOGS is setting the stage for a price discovery journey, a process driven by the forces of supply and demand. In this scenario, buyers and sellers will ultimately determine the token's fair value through their trading activities.

After experiencing a sharp drop from $0.0012, it appears that sellers are gradually losing momentum, with bulls stepping in to defend the crucial $0.0010 support level. Holding this support is key for a potential recovery.

If DOGS manages to maintain its position, a return to $0.0012 seems like the next logical move. However, if it fails to hold $0.0010, the token might encounter new lows.

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