DOGS, a Telegram-native meme coin, has recently garnered the attention of crypto participants due to its extreme volatility. Defying the sluggish trend of August, this asset projected a massive movement yesterday, following the Token Generation Event (TGE) and listing on major exchanges. Here’s why DOGS price prediction hints at a bullish reversal.
DOGS Price Prediction Hints Recovery Amid Binance’s New Trading Pairs
Today, Binance announced the launch of new trading pairs and expanded Trading Bot services. The new trading pairs, including the DOGS/BRL, DOGS/USDC, RARE/BRL, and RARE/USDC, will be available for trading on August 28, 2024, at 13:00 (UTC).
Additionally, the largest crypto exchange by volume, Binance, will enable Trading Bots services for ETH/EUR, SOL/EUR, 1000SATS/TRY, BONK/TRY, PEPE/TRY, and USDC/USDT, which will be accessible at 13:00 (UTC) the same day.
Introducing new trading pairs typically increases market liquidity and offers more trading opportunities, potentially driving volatility. Thus, the DOGS price prediction signals a potential dynamic move this week as it becomes easily accessible to different regions, expanding the token’s global presence.
DOGE Token Secures Crucial Support
On August 26th, DOGS price prediction showed a sudden crash to $0.0001 following the token unlock of 502.48 billion DOGS, representing 92% of Max Supply. However, after its Binance listing, the token swiftly rebounded to $0.0012, recovering most of its intraday loss.
The Dog-themed meme coin indicates a minimal intraday increase of 0.02%, bringing its value to $0.0012. The neutral behavior bolsters buyers to stabilize above the psychological level of $0.001. Amid the new trading pairs by Binance, the token price could rebound 153% to retest the $0.0031 resistance.
The momentum indicator Relative strength index close to the oversold region could attract buyers to capture discounted token value.
However, until the overhead resistance is intact, the DOGS price prediction could project a sideways to a bearish trend. A potential breach above $0.0031 could signal an early sign of recovery.
Frequently Asked Questions (FAQs)
The introduction of new DOGS trading pairs on Binance, including DOGS/BRL and DOGS/USDC, is expected to drive market liquidity
The extreme volatility in DOGS price was triggered by the Token Generation Event (TGE) and the subsequent unlock of 502.48 billion DOGS tokens
Despite the recent recovery, DOGS price could remain sideways to bearish unless it breaks above the $0.0031 resistance.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/dogs-price-prediction-binance-pair-rally-0-003/
✓ Share: