DOGS token surges 40%, signals further growth potential
Key Points at a Glance
- The DOGS token saw a 40% increase over the past week.
- Technical indicators such as Fibonacci levels and the Relative Strength Index (RSI) suggest further growth potential.
- On-chain data indicates positive market dynamics, particularly in large transactions and whale concentration.
- Liquidation data points to a dominance of long positions, reflecting continued optimism among traders.
Technical Analysis: Key Levels for DOGS
The DOGS token has shown a remarkable recovery in recent days, breaking away from previous lows and moving towards higher price levels. A crucial technical indicator is the Fibonacci retracement, which highlights important support and resistance levels.
Currently, DOGS is near the 0.618 Fibonacci level, which could serve as potential support. Should the price continue to rise, the next significant resistance lies at the 1.618 Fibonacci extension at $0.0011343 USD. If DOGS manages to break through this level, the price could rise to the 2.618 Fibonacci extension at $0.0015458 USD. If the breakout fails, a consolidation at the support level of $0.0006565 USD could follow.
The Relative Strength Index (RSI) is currently at 54.76, indicating that the token is not yet overbought. This leaves room for further growth before selling pressure develops. As long as the overall market remains stable, the upward trend could continue.
On-Chain Data: Positive Signals for DOGS
On-chain data also provides an optimistic outlook for DOGS. Despite a slight decline in overall network growth, three key metrics show positive developments:
- The “In the Money” metric, which indicates how many token holders are in profit, has increased by 9.79%. This strengthens investor confidence.
- The “Concentration” metric, which measures the distribution of tokens among larger holders (so-called “whales”), has risen by 0.03%. This suggests that large investors continue to have confidence in the token’s potential.
- The number of “large transactions” has also increased by 0.25%, indicating institutional interest or larger investments.
These positive on-chain signals suggest that the DOGS ecosystem is receiving solid support despite market volatility.
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Liquidation Data: Long Positions Dominate
Liquidation data shows a clear dominance of long positions. In recent days, the volume of long liquidations amounted to $743,410 USD, while short liquidations were only $111,390 USD. This distribution suggests that the majority of traders continue to bet on rising prices.
Most long liquidations occurred on Binance, with a volume of $509,380 USD. Significant long liquidations were also recorded on Bybit and OKX, both exceeding $100,000 USD. However, these high liquidation levels can also lead to rapid price movements, so caution is advised.
Our Assessment
The DOGS token has delivered an impressive performance over the past week, and both technical and on-chain indicators suggest further growth potential. However, the key will be whether DOGS can break through the important resistance levels. If successful, the price could continue to rise. If not, a consolidation at the support levels is likely.
The dominance of long positions and the positive on-chain data point to continued optimism among investors. Nevertheless, traders should keep an eye on market volatility and consider potential risks.
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