What is the future outlook for the popular Memecoin? Will it go up 30% or down 20%?
DOGS Price Analysis: What’s Next for the Popular Memecoin? 30% Up or 20% Down? Originally published on Coinpedia Fintech News
The DOGS price has been on a massive uptrend since it was listed on various exchanges in a matter of days, forming a new high of $0.001644. The bears have started to squeeze out profits, but as the pressure on the token increases, it is expected to have a bigger impact on the price. The bulls may remain passive for a while as market participants look uncertain about the upcoming monthly closing period.
What’s next for DOGS price? Could it trigger a bullish bounce to prevent the 10% pullback from coming?
DOGS price has been trading within an ascending parallel channel since the beginning, but the recent pullback has interrupted the rally. In the last 24 hours, the price has dropped more than 10%, but it has become the top 8 memecoin, ahead of BOME & POPCAT. Currently, the bulls are trying to maintain their strength and show a ‘V-shaped’ recovery by the end of the month.
The short-term price action of DOGS suggests that the bears have had a huge hold on the rally. After breaking out of the ascending parallel channel, the token seems to have started trading within the descending parallel channel. The technicals remain uncertain as the MACD shows a slight uptrend in buying volume while the Stochastic RSI is reaching its upper limit, indicating that a pullback could be imminent.
Therefore, the DOGS price is likely to pull back slightly to the local support around $0.00119, which could trigger a minor bounce. If the price hits the resistance of the descending channel, the bulls are expected to show some strength, which could push the price back into the ascending parallel channel and reclaim $0.0016. With this move, the bulls could regain control, which could push the level to new highs.