- Summary:
- DOGS price is on a positive momentum and the recent token unlocking event paves a new path for the Telegram-affiliated meme coin.
DOGS price surged on Wednesday, buoyed by bullish sentiment surrounding its adoption. The token was up 22.8% on the daily chart at the time of writing, trading at $0.0152. This was a move contrary to the broader cryptocurrency market, whose capitalization fell 5.5% over the same period.
Telegram’s native cryptocurrency has been in the spotlight for quite some time, with strong community support. DOGS’s price was further fueled after it was listed by the world’s largest cryptocurrency exchange, Binance, on August 26. However, it is worth noting that DOGS dropped by over 42% on the day of its listing, following a massive sell-off. This sparked a sense of FUD in the market, given that the Binance listing happened on International Dog Day.
The sale was triggered by a token generation event, which saw the project unlock 502.48 billion tokens. With 72.7% of the tokens allocated to the airdrop, concerns were raised about a potential supply glut, which has raised concerns among some DOGS token holders. On the other hand, the move also increases the liquidity available for trading, which could help support the DOGS token price.
Momentum indicators
Momentum indicators on the 2-hour chart are signaling a bullish price move. DOGS recently broke above the upper Bollinger band, showing strong buyer control. Meanwhile, the Money Flow Index is showing positive money flow, with a reading of 74.
DOGS Price Support and Resistance Levels
DOGS price is likely to continue higher if it stays above the pivot price of 0.00137. With buyers in control, the first resistance could be found at 0.00167. However, if the bullish momentum persists, it could break above this barrier and pave the way for the test of 0.00200.
On the other hand, if the price breaks below 0.00137, buyers will be in favor of taking control. In this case, the first support could be located at 0.00101. However, if they extend their control, they could break above this mark and test 0.00072.
