- Summary:
- DOGS price has been on a hot streak, and the recent token unlocking event opens up a new pathway for the Telegram-affiliated meme coin.
DOGS price skyrocketed on Wednesday, driven by upbeat sentiment around its adoption. The token was up by 22.8 percent on the daily chart at the time of writing, trading at $0.0152. That was a contrarian move to the wider crypto market, whose capitalisation fell by 5.5 percent during the same period.
The Telegram-native meme coin has been in the limelight for a while, with strong community support. DOGS price got more fuel after listing by the world’s largest crypto exchange, Binance, on August 26. Notably, however, DOGS dropped by more than 42 percent on the day of its listing, after a widespread selloff. That triggered a FUD sentiment across the market, considering the Binance listing took place on International Dogs Day.
The selloff was triggered by a Token Generation Event, which saw the project unlock 502.48 billion tokens. With 72.7 percent of the tokens allocated to airdrop, there were concerns over a potential supply glut, which triggered concerns amongst some DOGS token holders. On the flip side, the move also raises the liquidity available for trading, which could help prop up DOGS token price.
Momentum indicators
The momentum indicators on the 2-hour chart signal bullish price movement. DOGS has recently broken above the upper Bollinger Band, showing strong buyer control. Meanwhile, the Money Flow Index shows a positive money flow, with the reading at 74.
DOGS price support and resistance levels
DOGS price will likely continue the upside if it stays above the 0.00137 pivot price. With the buyers in control, the first resistance could come at 0.00167. However, if the bullish momentum persists, it could break above that barrier and clear the path to test 0.00200.
On the other hand, if the price moves below 0.00137, it will favour the buyers to take control. In that case, the first support could come at 0.00101. However, if they extend their control, they could breach that mark and test 0.00072.
