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DOGS Token Set for 40% Price Surge to $0.00147, Says Top Analyst

DOGS Token Set for 40% Price Surge to $0.00147, Says Top Analyst

CoineditionCoinedition2024/09/04 16:00
By:Abdulkarim Abdulwahab
  • Captain Faibik identifies a breakout for DOGS token from a falling wedge pattern.
  • The analysis suggests a potential 40% rally in the short term.
  • DOGS trades at $0.00104, a 2.03% increase today, though down 34% over the last two weeks.

Crypto analyst Captain Faibik sees a potential bullish rally for the DOGS token, a major dog-themed meme coin built on the Telegram-backed Toncoin ( TON ) network. Faibik anticipates a 40% price surge once the token breaks out of a descending trendline on the hourly chart.

Notably, the recently launched token has been a key meme coin in onboarding more users into Web3, reaching a milestone of a million on-chain holders in less than seven days of official trading on centralized exchanges, including Binance and Bybit.

This user base propelled DOGS into mid-cap altcoin territory, with a fully diluted valuation of roughly $575 million and a daily average traded volume exceeding $540 million, according to CoinmarketCap.

However, the late-August frenzy that boosted DOGS’ value was followed by a Bitcoin-led correction phase that impacted altcoins, including DOGS. Specifically, DOGS hit an all-time low of $0.0009769 on Wednesday, a nearly 50% drop from its all-time high of $0.001644 last week.

Despite this, market watchers like Captain Faibik see reasons for optimism about a DOGS comeback.

Captain Faibik’s Bullish Prediction

Earlier today, Faibik shared a chart showing DOGS breaking out of a falling wedge pattern on the hourly time frame, a setup often signaling a potential price trend reversal. His analysis suggests this breakout could trigger a bullish rally of up to 40% in the near term.

A falling wedge pattern forms when the price action contracts between two downward-sloping trend lines, often suggesting that bearish momentum is weakening. When the price breaks above the upper trend line, it typically indicates a shift towards bullish sentiment. In the case of DOGS, Faibik’s chart shows this breakout in action.

DOGS Token Set for 40% Price Surge to $0.00147, Says Top Analyst image 0 DOGS Token Set for 40% Price Surge to $0.00147, Says Top Analyst image 1

Captain Faibik’s analysis points to a potential bullish wave that could drive DOGS’ price to around $0.00147. This target is based on the height of the wedge pattern, extended from the breakout point.

Currently, the DOGS Token is trading at $0.00104, up 2.03% in the past 24 hours. The 34% drop over the last two weeks occurred shortly after the activation of on-chain withdrawals, which allowed investors to access their airdropped tokens.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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