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- The DOGS price exceeded the 20-day EMA in the short term.
- The DOGS ranks 12th in the cryptocurrency market in terms of trading volume.
- DOGS crypto price has declined by 30% in a week.
The technical chart suggests that the DOGS (DOGS) price has undergone a correction phase after a pump. During the correction phase, the dip ended at the $0.00100 mark and formed small bullish candlesticks.
In the short term, the DOGS price triggered a pullback, but buyers were not strong enough and witnessed selling pressure. The price has surged by 97.40% after its launch date and has dropped by 39.32% from its all-time high.
The DOGS crypto was being traded at $0.00105 at press time, which has remained neutral for the past 24 hours. Moreover, the market capitalization was $547.11 Million, and the 24-hour trading volume was $523.86 Million.
Can DOGS Crypto Price Surge 40% in One Go?
Capital Faibik (@CryptoFaibik) has tweeted that the DOGS crypto price has reached a crucial breakout level. The price has formed a falling wedge pattern on the hourly time frame and is waiting for the breakout.
$DOGS is breaking out of Falling Wedge on the Hourly TF Chart..!!
— Captain Faibik (@CryptoFaibik) September 5, 2024
Expecting +40% Bullish Rally in the Short term.. Don’t miss the Ride.. #Crypto #DOGS #DOGSUSDT pic.twitter.com/ce11L3qLE6
After a successful breakout, it is expected to gain 40% in the short term. The DOGS price may easily approach the last swing high and record a new all-time high.
Technical Analysis of DOGS Price in a 4-H Timeframe
In a 4-H time frame, the DOGS price has triggered a breakout from a falling wedge pattern. The price has been declining due to resistance from a descending trendline.
After the breakout, the crypto asset price exceeded the 20-day exponential moving average (EMA), which may invite buyers.
If the price sustains over the 20-day EMA, the price may gain bullish momentum and extend to the 100-day EMA. Assuming the price smashed the 100-day EMA, it would be a buying opportunity. A single bullish spark might attract buyers for a new all-time high.
On the other hand, if the price slips below the 20-day EMA, buyers may trapped and may face stop loss (SL). At this point, buyers may prefer to boon profit, leading to a strong bullish momentum.
Is the Correction Phase in DOGS Price Ended?
During the daily time frame, the DOGS crypto price has shown weakness after reaching its all-time high. The price has displayed a correction phase of 37%, and the bearish trend has ended.
It might attract buyers if it surpasses the 0.00120 mark, and the price may perform positively. Alternatively, sellers may dominate and continue the bearish trend if it triggers a negative pullback.
DOGS Price Analysis and Forecast
Based on the analysis, it seems that the DOGS has undergone a correction phase. However, it is showing signs of potential for a bullish breakout.
If the price sustains over the 20-day EMA, it may gain bullish momentum and extend to the 100-day EMA. However, buyers may face challenges if it slips below the 20-day EMA.
Monitoring key levels, such as the $0.00120 mark, is essential to gauge potential buyer and seller behavior. Overall, the DOGS crypto price appears to be in a critical phase, with the possibility of recording a new all-time high.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
