Is DOGS Ready for a Bullish Recovery Rally?

It is now over six weeks since the DOGS memecoin launched. It initially rallied for the first three days and has since then lost almost all its

DOGS memecoin has now been in the market for over six weeks. It began with three days of initial rally, which have since been wiped out by the sell pressure that was prevalent in September.

However, judging by how far into the month DOGS has performed, it seems to have run out of bearish momentum. This increases the chances of a bullish relief rally in the coming weeks, and that outcome may already be playing out.

DOGS just delivered its biggest bullish performance within the last six weeks, thanks to the 23% rally it achieved in the last two days. This brings its total gains to 17%.

DOGS fiyatı bugün yükseliyor mu düşüyor mu?

This is a sign that the cryptocurrency could be set for more potential upside, especially considering that sell pressure leveled out in the first 10 days of October.

DOGS traded at $0.000778 at press time. Its MFI suggests that liquidity has been flowing back into the memecoin since the start of the month, hence the bullish buildup.

Is another bullish rally on the cards for November?

DOGS’s latest performance suggests that there was significant accumulation at its recent bottom range. But to sustain more bullish momentum, it will require more liquidity inflows, a mission that may not be so difficult considering its latest popularity.

Some recent on-chain metrics may suggest that it could be able to maintain that status. For example, on TON, DOGS is now the leading token by ownership, with 5.6 million holders.

The total addresses with balances peaked at 6.36 million addresses on 24 September but have since dropped to around 780,000 addresses.

DOGS has around 12.05 million total addresses, which means that roughly 6.05 million addresses have zero balance.

The total zero balance addresses appeared to be leveling out, which indicates a slowdown in sell pressure.

It is worth noting, however, that despite the recent uptick, the addresses activity did not demonstrate a significant positive shift. In other words, the memecoin DOGS is yet to show strong accumulation.

But there has been a slight recent change in sentiment that may favor the bulls. The number of bulls outweighed the bears for four consecutive days since 8 October, a contrary outcome to the sentiment in September.

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