Canine [DOGS] has experienced a significant surge of 40% in the past week, primarily fueled by a strong influx of buying interest and positive momentum.
Trading at $0.0007026 currently, the token saw a marginal decline of 1.54% at the time of writing, but it has managed to sustain notable growth amidst the market’s volatility. With Canine attracting increasing attention, the central query arises: can this upward trend be maintained?
Technical Examination of Canine: Which Levels Are Key to Monitor?
Canine has exhibited promising movements, breaking out from previous lows and moving toward higher thresholds. The Fibonacci retracement diagram highlights crucial levels that could influence the token’s future trajectory.
Canine was lingering close to the 0.618 Fibonacci level, a potential support zone that could stabilize prices during pullbacks.
Moreover, the subsequent resistance is positioned around the 1.618 Fibonacci extension at $0.0011343. Breaking past this threshold could ignite a further upward trend, potentially propelling Canine towards the 2.618 extension level at $0.0015458.
Nevertheless, failure to surpass these resistance levels might result in consolidation, with support anticipated around $0.0006565.
The Relative Strength Index (RSI) presently registers at 54.76, signifying that the token is yet to reach the overbought territory. This level implies that Canine still has space for growth before encountering significant selling pressure.
Hence, this moderately bullish RSI reading aligns with the notion of a probable continuation of the upward trend, provided that the general market conditions remain favorable.
Bullish On-Chain Signals for Canine Persist
The on-chain statistics unveil multiple optimistic signals. Despite a minor drop in net network expansion, three crucial metrics exhibit a positive outlook. A 9.79% increase in the “In the Money” metric signifies that a larger number of Canine holders are profiting, typically boosting investor confidence.
Similarly, a 0.03% rise in the “Concentration” metric illustrates that significant holders or “whales” are maintaining their positions, indicating belief in Canine’s potential.
Furthermore, a 0.25% uptick in “Large Transactions” suggests substantial trades are occurring, hinting at institutional engagement or substantial investments.
These bullish on-chain indicators underline the growing support within the Canine ecosystem, reinforcing its fundamental foundation amidst price fluctuations.
Verdict from Liquidation Data Leans Toward Long Positions
The liquidation graph discloses a recent upsurge in long liquidations, totaling $743.41K, as opposed to shorts at $111.39K. This ratio indicates that most traders maintain an optimistic stance, expecting the price to continue its ascent.
Binance leads in long liquidations with $509.38K, followed by significant long liquidations on Bybit and OKX, each exceeding $100K.
Consequently, while optimism prevails, traders are advised to exercise vigilance, as heightened liquidation levels can trigger sudden price shifts.
Is Canine Set to Uphold Its Upward Trajectory?
Canine has displayed impressive resilience with a 40% surge in the past week, and both technical and on-chain indicators hint at further growth opportunities.
Nonetheless, the critical resistance levels and prevailing market sentiment will play a decisive role in determining the sustainability of this surge. Should Canine manage to uphold its current momentum and breach crucial Fibonacci extensions, the upward climb may persist.