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The price of DOGS has been gaining attention in the crypto world, leaving many wondering if it's set to rise. In this article, we'll explore the factors that could influence DOGS' price, recent trends.
How has the DOGS Price Moved Recently?
The current price of DOGS stands at $0.001093, with a 24-hour trading volume of $1.45 billion. Its market capitalization is $564.89 million, representing a market dominance of 0.03%. Over the past 24 hours, DOGS has seen a price increase of 8.75%.
DOGS reached its all-time high on September 5, 2024, when it was trading at $0.001647. Its lowest recorded price was $0.000978 on September 4, 2024. Since then, the lowest point DOGS hit after the ATH was $0.000978, while the highest price after this cycle low was $0.001123. Currently, the sentiment for DOGS price prediction is neutral, with the Fear & Greed Index indicating 29 (Fear).
The circulating supply of DOGS is 516.75 billion, with a maximum supply of 550 billion DOGS.
Why is DOGS Price UP?
The recent uptick in DOGS' price can be attributed to its breakout from an hourly logarithmic downward trend, as highlighted by crypto analyst Captain Faibik. This breakout suggests a strong potential for upward movement, with expectations of a 40% price rally in the near term, pending a successful retest of the wedge pattern.
This technical analysis is reinforced by the rapid expansion of the DOGS community, which has grown to 2.58 million holders within just ten days, indicating increasing interest and support from investors.
Additionally, the bullish sentiment surrounding Toncoin may be influencing DOGS' momentum. Despite legal challenges involving Telegram, Toncoin’s network continues to draw speculative investors, thanks to its low transaction costs and high liquidity.
With Toncoin recently hitting a milestone of 1 billion transactions, the positive attention on altcoins may also be contributing to DOGS' rise. As a result, DOGS appears well-positioned for continued growth in the short term.
Will DOGS Price increase?
Given the current market dynamics, there are strong indicators suggesting that DOGS' price could experience further increases. Trading near its cycle high reflects a period of heightened investor interest and potential for continued bullish momentum. The recent breakout from a downward trend, coupled with a technical forecast of a 40% rally, supports this optimistic outlook.
Additionally, DOGS benefits from high liquidity, a crucial factor for sustaining price increases. With a substantial market cap and active trading volume, DOGS has ample liquidity to support further price movements.
The fact that DOGS was released less than a month ago means it is still in its early growth phase, which often presents opportunities for significant price appreciation as it gains traction and market adoption.
Considering these factors—technical analysis, liquidity, and its recent entry into the market—it is reasonable to anticipate that DOGS' price could continue to rise, provided that the positive trends and market conditions persist.