Dogs (DOGS) Price Prediction 2023-2024: Will DOGS Recover After the Recent Downtrend?

Dogs [DOGS] has experienced a downtrend against the U.S. dollar over the past week. As of press time, DOGS was trading at $0.001056, reflecting a -3.47%

DOGS price has shown a downward trend against the US dollar for the last week. At press time, the price was $0.001056, down -0.000004 (-3.47%), and the rate of decline in the last seven days was -0.0002 (-18.37%).

The market value of the project, which has 520 billion DOGS in circulation, was 545,919,186 dollars at press time.

The latest downward trend occurred despite the strong start for DOGS, which stands out as one of the new additions and was included in the fast-growing Toncoin ecosystem. If the predicted rise occurs, this could be an important turning point in the token's short-term price movement.

Technical indicators point to potential uptrend

DOGS, whose price at press time was $ 0.0010587, was watching near the middle of the Bollinger Bands. The lower band was located at $0.0009783 and the upper band was located at $0.0011140, indicating a period of low volatility.

The slight upward movement of 1.04 percent in the last four-hour candle showed early signs of recovery after the recent declines.

Also, the Money Flow Index (MFI), which shows price increase without reaching overbought conditions, was 55.26. This indicated a price increase in the short term, but a more bullish trend would only be confirmed if the MFI exceeds 75.

Source: TradingView

On the other hand, the Relative Strength Index (RSI) was 45.72, which barely indicated that the market was neutral with a slight downtrend. Traders will wait for the RSI to rise above 50, which will signal greater purchasing power.

Decline in network activity raises concern

According to IntoTheBlock data, on-chain metrics revealed a sharp decline in daily active addresses last week. On September 5, active addresses peaked at approximately 1.05 million, but the 7-day change showed a decrease of -33.71.

This decline marked a noticeable decrease in the number of daily active users, which may be linked to the recent DOGS price drop.

Source: IntoTheBlock

Read our DOGS Price Prediction 2024-2025 article

Despite the decline in active addresses, daily transaction volumes were relatively stable. On September 5, the daily number of transactions reached 655.29k, which is slightly below the average 774.56k transactions.

This reached a recent peak of 1.9 million transactions on September 3, but fluctuation in transaction volume in recent days has shown that user participation has been erratic.

Source: IntoTheBlock

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