Recent analysis suggests that DOGS, a Telegram meme coin, could be positioned for a significant breakout despite varied market sentiment.
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Recent analysis suggests that a Telegram meme coin, known as DOGS, could be positioned for a significant breakout despite varied market sentiment.
DOGS, a popular meme coin, has recently gained traction following its listing on the Coinbase futures market on the 19th of September, in addition to its earlier listing on Binance’s spot and futures markets. This move comes as traders are keeping a close eye on the coin’s price action, with the potential for either a breakout or further downside pressure.
At press time, DOGS was trading at $0.0009937, with a 24-hour trading volume of $376,474,563. Over the past day, the coin's price experienced a minimal increase of 1.23%, while over the past week, it encountered a slight decrease of 2.49%.
The coin’s market cap stood at $513,223,017, with a circulating supply of 520 billion DOGS. Recent price dips encountered crucial support at the $0.00095 level.
Technical indicators pointed towards a potential 13% rally from current levels, targeting the one-hour gap at $0.00106. Key support was noted around $0.00009160, a level where buyers historically stepped in to maintain bullish momentum.
Resistance was seen between $0.00010200 and $0.00010600, with the next higher resistance zone being noted between $0.00011200 and $0.00011400. A breakout above these levels could trigger further upside, positioning DOGS for a notable move.
Importance of breakout levels near $0.00095
The $0.00095 level appeared to be critical for DOGS, as it could serve as a potential launching point for upward price movements.
Holding above this level might indicate strong buyer interest, reducing the likelihood of a deeper correction. However, breaking below this zone could expose DOGS to further downside risk.
Traders closely watched the resistance around $0.00106, which, if breached, could validate the bullish scenario and encourage more buyers to enter the market.
Coinglass derivatives data highlighted a 15.55% decline in trading volume to $63.11M, indicating reduced market activity.
However, Open Interest saw a rise of 5.31% to reach $146.20M, suggesting heightened trader engagement.
Moreover, Long/Short ratios on major exchanges like Binance and OKX were heavily skewed towards long positions, reflecting optimism among traders on a potential breakout.
DOGS breakout nears amid rising adoption
The bullish case for DOGS suggested a breakout from recent dips and a push toward the $0.00106 target.
Positive on-chain metrics supported this outlook, with IntoTheBlock data indicating an upward trend in new user adoption over the past week. An average of 43.63% 30-day adoption rate was observed.
While recent fluctuations showed the coin gaining traction, it encountered lower adoption rates compared to its recent peak levels.
Risks to this bullish thesis included the possibility of a failed breakout or low trading volume failing to sustain upward momentum. However, despite mixed market sentiment, the rise in Open Interest and strong long positioning suggested that traders were gearing up for potential gains.
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