- Inverse head and shoulders pattern suggests possible bullish reversal for DOGS, with a target price of $0.0012000.
- On-chain data shows 65.11% of DOGS holders are in profit, potentially increasing buying pressure for future gains.
DOGS token, associated with the TON blockchain, is currently a focal point within the cryptocurrency community due to its market activities. Despite a recent downturn in its price, there are indications that a bullish trend could soon emerge.
As of the latest update by ETHNews, the DOGS token is priced at $0.001069. It has experienced an increase of 4.36% in the last 24 hours and a 3.65% reduction over the previous week. The token has a circulating supply of 520 billion, contributing to a market capitalization of approximately $534.7 million.
ETHNews analysts, including Mikybull Crypto, have observed an inverse head and shoulders pattern in the price charts of DOGS. This pattern is traditionally interpreted as a precursor to a potential bullish reversal.
$DOGS preparing for a bullish reversal. pic.twitter.com/36GxfyWyfg
— Mikybull 🐂Crypto (@MikybullCrypto) September 12, 2024
The pattern consists of three troughs, with the central trough being the deepest, followed by a rise that could break through the resistance level, or the “neckline.”
The expected breakout above this neckline could push the token’s price to $0.0012000. Additionally, the 50-period and 100-period exponential moving averages (EMAs), both positioned at $0.0010400, suggest that the market might currently be in a consolidation phase.
This scenario indicates a balance of buying and selling activities, with potential shifts dependent on future market movements.
The RSI for DOGS is at 46, just below the neutral mark of 50, indicating a slight bearish momentum but not enough to classify the market as oversold. This positions the token in a spot where upward price movement remains a viable possibility.
The DOGS token’s growing traction on the TON blockchain also contributes to its market potential. Following its Token Generation Event (TGE), where 17 million tokens were claimed in just two weeks, user engagement has significantly increased.
This surge in activity not only boosts the token’s adoption but also enhances the overall utilization of the TON blockchain.
On-chain data reveal that 65.11% of DOGS holders are currently “In the Money,” having purchased the token at prices below the current level. Conversely, 23.96% are “Out of the Money,” and 10.93% are “At the Money.”
This distribution shows that the majority of investors are potentially poised to increase buying pressure should the anticipated bullish reversal materialize, further catalyzing the token’s upward trajectory in the market.
