DOGS Price Skyrocketed on Wednesday, Driven by Upbeat Sentiment Around Its Adoption

The token was up by 22.8 percent on the daily chart at the time of writing, trading at $0.0152. That was a contrarian move to the wider crypto market

DOGS price showed strong bullish momentum on Wednesday, rising by 22.8 percent. The token was priced at $0.0152 at the time of writing, defying the broader crypto market capitalisation, which fell by 5.5 percent during the same period.

The Telegram-native meme coin has been enjoying the limelight thanks to strong community support. But, crucially, DOGS price got another boost after listing by the world’s largest crypto exchange, Binance, on August 26.

However, to the surprise of many, especially considering the Binance listing took place on International Dogs Day, DOGS price dropped by more than 42 percent on the day of its listing. This triggered a fear, uncertainty, and doubt (FUD) sentiment across the market.

The selloff was triggered by a Token Generation Event, which saw the project unlock 502.48 billion tokens. With 72.7 percent of the tokens allocated to airdrop, there were concerns over a potential supply glut, which triggered concerns amongst some DOGS token holders.

On the flip side, the move also raises the liquidity available for trading, which could help prop up DOGS token price.

Momentum indicators

The momentum indicators on the 2-hour chart signal bullish price movement. DOGS has recently broken above the upper Bollinger Band, showing strong buyer control. Meanwhile, the Money Flow Index shows a positive money flow, with the reading at 74.

DOGS price support and resistance levels

DOGS price will likely continue the upside if it stays above the 0.00137 pivot price. With the buyers in control, the first resistance could come at 0.00167. However, if the bullish momentum persists, it could break above that barrier and clear the path to test 0.00200.

On the other hand, if the price moves below 0.00137, it will favour the buyers to take control. In that case, the first support could come at 0.00101. However, if they extend their control, they could breach that mark and test 0.00072.

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