DOGS price, a newly introduced meme coin on the TON blockchain, has quickly gained attention in cryptocurrency. Despite initial enthusiasm, DOGS has recently entered a bearish phase, with the price trading downward.
Inspired by Spotty, a character linked to Telegram’s founder, Pavel Durov, this token reflects Telegram’s user base’s vibrant and innovative spirit. While the community’s interest remains strong, the market performance has been less favorable recently, signaling a challenging moment for DOGS in the evolving crypto landscape.
DOGS Price Decline Linked to On-Chain Withdrawals
DOGS price experienced a significant 20% fall over the last week and a 34% decline over the month. This downtrend began shortly after the activation of on-chain withdrawals. This feature allowed recent investors to access their airdropped tokens. Since its debut on August 29, DOGS has witnessed a consistent decrease in value.
A rounding top pattern emerged, indicating bearish dominance and further depressing the price. In the broader crypto market, a general downtrend prevails. Bitcoin price trades under $59,000, while Ethereum struggles to maintain $2,500. Similarly, most meme coins are underperforming, failing to break out of their downward trajectories.
Over the past 24 hours, the DOGS witnessed a volatile trading session, hitting a low of $0.0009769 and peaking at $0.001052. At the time of writing, the DOGS price hovered at $0.001048, making a slight 0.50% increase during the U.S. trading hours. This performance comes just days after the token’s value dropped by 37.6% from its all-time high of $0.001644, recorded on August 28, 2024.
Can It Recover From Recent Market Downturn?
The DOGS price is currently encountering resistance at $0.0015. A break above this key level could initiate a notable upward trend. If the price surpasses this resistance, targets of $0.0017 and $0.002 may be achievable.
The 4-hour technical indicators for the DOGS suggest a period of consolidation following a notable price spike. The Moving Average Convergence Divergence (MACD) shows a bearish crossover, indicating potential downward momentum. The MACD line (blue) crosses below the signal line (orange). Additionally, the histogram has transitioned from green to red, further supporting the bearish outlook.
The Awesome Oscillator (AO) currently registers a negative value, which typically signals bearish selling pressure. The AO’s bars are predominantly red, corroborating the weakening momentum observed in the DOGS market.
DOGS Price Chart| Source: TradingView
According to Coinglass data, the trading volume for DOGS has surged by 33.58%, reaching a staggering $1.30 billion. Concurrently, open interest in DOGS has also experienced a modest increase, rising by 0.73% to hit $114.09 million. This notable uptick in both volume and interest could indicate significant market movements amid market volatility.
Source- Coinglass
On the downside, if selling pressure continues to mount, the price may retreat to the support level of $0.00112. If this support fails, further declines toward $0.0011 are possible.
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