Dogs, the newly launched memecoin on the TON blockchain, has gained huge popularity after its launch in July. The token mainly targets Telegram users and hence, when the founder was arrested, it was expected to harm the market participants. Moreover, soon after the arrest, the Toncoin (TON) price dropped by 20%, which strengthened the speculations of the DOGS price losing the bullish momentum. However, with the latest update on the CEO of Telegram, Pavel Durov, DOGS price has revived with a decent ascending trend.
The TON blockchain faced downtime during the previous trading day but the TON price remained elevated. The token quickly entered the top 100 tokens and hence keeps up the expectation of a fresh upswing. With this, the DOGS price has been the top performer for the day, with an over 22% jump since the early trading hours. Will DOGS maintain an ascending trend? Will it reach $0.002 before the end of the month?
The hourly chart of DOGS suggests there is still more room for the bulls to thrive as the technicals remain in their favour regardless of the interim bearish actions. The stochRSI is about to surpass the upper threshold while the MACD displays a drop in the selling pressure. Therefore, with the inception of a fresh buying volume, the DOGS price is expected to rise above the average zone of the rising parallel channel. With this, the price is likely to rise by over 12% and test the upper resistance of the channel above $0.0017.
Here, the bulls are expected to demonstrate significant strength, which may help the new memecoin breach the levels. However, the bearish interference may hinder the progress of the rally but it may remain for a short while as a rise beyond $0.02 appears to be imminent in the first few days of September 2024.
Source: https://coinpedia.org/price-analysis/dogs-continues-to-surge-enters-the-top-10-memecoins-heres-where-the-price-may-hit-in-the-next-24-hours/