DOGS token, a novel digital asset on the TON blockchain, has been attracting attention in the cryptocurrency community due to its recent price performance. Despite experiencing a slight price dip in the past week, analysts are optimistic about a potential bullish turnaround in the near future.
Currently, the price of DOGS stands at $0.001038, with a trading volume of $310,482,455 over the last 24 hours, indicating a modest 0.36% decrease in the past day and a 3.65% drop in the previous week. The circulating supply of DOGS tokens is 520 billion, resulting in a market cap of $534,686,829 at present.
Positive Signals from Technical Indicators
According to Mikybull Crypto, a crypto analyst, DOGS seems to be forming an inverse head and shoulders pattern, a potential sign of a bullish reversal. This pattern typically consists of three troughs with the middle one being the lowest, followed by a breakout above a “neckline.”
The price action of DOGS appears to align with this pattern, and a breakout above the neckline could set a price target of $0.0012000.
Moreover, both the 50-period and 100-period exponential moving averages (EMAs) are around $0.0010400, suggesting that the market might be in a consolidation phase, with the price hovering near these resistance levels, leading to indecision among buyers and sellers.
With the Relative Strength Index (RSI) currently at 46, slightly below the neutral mark of 50, there is room for potential upside momentum despite the presence of bearish pressure.
Rising Popularity on the TON Blockchain
DOGS’ increasing popularity on the TON blockchain is adding to the positive sentiment. Following its Token Generation Event (TGE) that saw 17 million tokens claimed in the initial fortnight, user engagement with the token has surged significantly.
This uptick in activity is contributing to the broader adoption of the TON blockchain and solidifying DOGS’ position as one of the most widely held tokens across various blockchain networks.
The heightened transaction volume and user interest indicate a sustained growth in interest in DOGS, despite recent price fluctuations. As the token attracts more holders and expands its trading presence, its potential for price recovery strengthens.
Insights from In/Out of the Money Data
Analyzing on-chain data offers valuable insights into the market positioning of DOGS. With the current price at $0.001032, approximately 65.11% of addresses are “In the Money,” indicating that these investors purchased the token at a lower price.
In contrast, 23.96% of addresses are “Out of the Money,” having bought at higher prices, while 10.93% are “At the Money,” with their purchase price in close proximity to the prevailing market price.
Overall, the data suggests that a majority of investors are currently in a profitable position, potentially leading to increased buying pressure should the anticipated bullish reversal materialize.