DOGS token, a new memecoin on the TON blockchain, is gaining attention within the crypto community due to its recent price performance.
Memecoin DOGS, a new token on the TON blockchain, is grabbing attention within the crypto community thanks to its recent price performance. But, despite recording a slight price decline over the past week, analysts are spotting a possible bullish reversal on the horizon.
At press time, DOGS was valued at $0.001038, showing a minor 0.36% decrease over the past 24 hours and a 3.65% drop over the past week. With a circulating supply of 520 billion DOGS tokens, the press time market cap stood at $534,686,829.
Technical indicators hint at bullish reversal
A closer look at the technicals reveals that Mikybull Crypto, a crypto analyst, observed an interesting formation. According to him, memecoin DOGS appeared to be forming an inverse head and shoulders pattern, which is often seen as a bullish reversal signal.
The pattern, characterized by three troughs with the middle trough being the deepest, is typically followed by a breakout above a “neckline.”
Now, the price of DOGS seemed to be forming this pattern, and a potential breakout above the neckline could lead to a price target of $0.0012000.
Adding to this, both the 50-period and the 100-period exponential moving averages (EMAs) were at $0.0010400, indicating that the market may be in a consolidation phase. Simply put, the price is now trading close to these resistance levels, which could lead to further indecision between buyers and sellers.
The Relative Strength Index (RSI), at press time, had a reading of 46, slightly below the neutral level of 50. This meant that while bearish momentum was present, the market was not in oversold territory. This left some room for potential upside movement.
Growing popularity on the TON blockchain
As we know, memecoin₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵₵
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