Will There Be DOGS Price Potential to Rebound? Check out the Predictions

Bittime – Since its launch, the DOGS memecoin has experienced a decline of 32%. However, DOGS interest is still very high. Will there be a potential for DOGS price to rebound?

This article will discuss the DOGS token and its predicted price value. Read the following explanation to understand in detail.

DOGS Buyers Return High

DOGS was launched on August 26. At the beginning of the listing news, DOGS was predicted to have a high price. However, due to the arrest incident of Telegram CEO, Pavel Durov, the day before the listing, the DOGS price did not match initial estimates.

The highly volatile TGE DOGS at that time, where more than 400 billion tokens were distributed to users made the price decline. Heavy selling pressure caused DOGS price to drop from $0.0017 to $0.0010.

Source: TradingView

However, hourly chart analysis shows a significant increase in the Money Flow Index (MFI), indicating increased capital flow into the cryptocurrency.

MFI is a technical indicator that shows the level of capital flowing into cryptocurrencies. When it declines, it implies increased selling pressure. On the contrary, the increase shows the opposite.

In the case of DOGS, a decline in price along with an increase in the Money Flow Index (MFI) indicates that selling pressure is easing and buyers are entering, creating a bullish divergence. This formation usually indicates that the price may be preparing to rise.

Read Also: Cardano Chang Hard Fork Officially Launches, Here's ADA Price Reaction

Sumber: Coinglass

Additionally, the derivatives market showed similar optimism, as evidenced by the rising funding rate.

A higher funding rate indicates that buyers (longs) are paying sellers (shorts) to keep their positions open, signaling broader bullish sentiment. Conversely, a negative funding rate will indicate bearish expectations.

Given the rising funding rate and recent price action, it appears DOGS may be on the verge of a move towards its overhead resistance.

DOGS Price Prediction: Meme Coin Looks Poised for $0.0012 Retest

Sumber: CoinCarp

When this article was written, the price of DOGS is at $0.00113. This value increased from the previous day when it touched $0.001086.

Source: TradingView

Further analysis of the hourly chart shows that DOGS may be approaching price discovery, a supply and demand driven process in which buyers and sellers determine the token's fair value.

After a sharp decline from $0.0012, it seems sellers are losing momentum with bulls defending the $0.0010 support level. Maintaining this support is critical to potential recovery.

If DOGS maintains its position, a return to $0.0012 could be the next move. However, if it fails to maintain $0.0010, the token may fall to a new low.

Read Also: Impact of Cardano's Chang Hard Fork

DOGS Price Prediction: Factors That Can Influence

Apart from technical analysis, several other factors can also influence the price of DOGS, such as:

1. Project Progress: If the DOGS development team continues to innovate and improve the project, this could increase investor interest and drive the price up.
2. Mass Adoption: The more people who use and adopt the DOGS token, the stronger the project will become.
3. Strategic Partnerships: Partnerships with other projects in the crypto ecosystem can benefit DOGS.
4. Crypto Market Conditions: Overall crypto market conditions will also influence DOGS prices. If the market is bullish, DOGS prices may experience a more significant increase.

Conclusion

Although DOGS has experienced a price decline since its launch, technical analysis suggests that the token may be ready for a rebound.

Increased capital flows and optimism in the derivatives market are positive indicators indicating that DOGS may reach higher price levels.

However, investors should remain cautious and consider the risks associated with investing in cryptocurrencies.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of Indonesia's best crypto applications, officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

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