**DOGS Trading Update: Navigating a Bearish Trend with Signs of Potential Recovery**
Currently, DOGS is trading below its 50-day moving average, indicating a bearish trend in the market. However, rising trading volume and increased user engagement suggest a possible upward movement for this memecoin.
DOGS, which operates on the TON blockchain, has seen a decline of 10.15%, now priced at $0.0008492. Earlier today, it reached an all-time low of $0.0008095 within a 24-hour span but has since recovered by 4.89%. The market capitalization for DOGS currently stands at $440.7 million, with a notable trading volume increase of 79.39%, amounting to $200.4. This activity positions DOGS as the 38th most traded cryptocurrency.
The Market Cap ratio of 43.72% highlights a surge in trading activity, even amidst the price drop. DOGS has a circulating supply of 516.75 billion, which accounts for 93.95% of its total supply of 550 billion DOGS. This high circulation percentage indicates that the majority of tokens are already in circulation, influencing market dynamics.
**DOGS’ Volume Surge and Technical Insights**
Currently, DOGS is trading below its 50-day moving average of $0.000900, suggesting a bearish outlook in the short term. The 200-day moving average stands at $0.0011, reflecting a more cautious long-term perspective.
(Source: Santiment)
The upcoming critical support level for DOGS is around $0.000800, just beneath today’s low, while resistance is identified at $0.000944, a level briefly touched earlier but not maintained. The Relative Strength Index (RSI) is presently at 45, indicating that DOGS is neither in an oversold nor overbought condition, with sentiment slightly skewed towards bearishness.
The recent spike in volume, up by 79.39%, points to a growing interest in the token, despite the declining price. This could indicate a potential trend reversal or increased volatility. Both DOGS and Toncoin (TON) are gaining momentum, spurred by advancements within the ecosystem. Binance’s Launchpool has elevated the profile of TON, while games like Catizen (CATI) and HamsterCombat (HMSTR) have contributed significantly to its ecosystem growth. As a result, the total number of addresses on TON has surged to 2.89 million.
Following its airdrop, DOGS experienced a remarkable 500% rise in holders, now ranking third in unique wallet addresses on the TON blockchain, even surpassing Ethereum and USDT. This dramatic increase led to a six-hour downtime on the TON network due to overwhelming demand. Analysts are optimistic about a potential bullish breakout for the memecoin, with projections indicating a possible rise to $0.001108. Despite the ongoing volatility in the market, increasing user engagement and favorable technical indicators suggest that DOGS may soon experience a rebound, fueled by the expanding TON ecosystem.
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