DOGS Crypto Price Analysis: Potential Breakout or Further Dip?
The DOGS crypto price has seen some volatility lately, with a 30% drop in the past week. However, there are some signs that a potential breakout might be on the horizon.
Key Points
- DOGS price exceeded the 20-day EMA in the short term.
- DOGS is currently ranked 12th in the cryptocurrency market in terms of trading volume.
- The price has formed a falling wedge pattern on the hourly time frame, suggesting a potential breakout.
- A successful breakout could lead to a 40% price surge in the short term.
Technical Analysis
On the 4-hour timeframe, DOGS has broken out of the falling wedge pattern and is now trading above the 20-day EMA. This suggests that buyers are gaining momentum. If the price can sustain above the 20-day EMA, it could potentially move towards the 100-day EMA.
On the daily timeframe, DOGS has undergone a correction phase of 37%, but it seems to have ended. If the price can break above the $0.00120 mark, it could signal further bullish momentum. However, if the price dips below the 20-day EMA, it could lead to further selling pressure.
What to Watch For
- **Price Action:** Pay close attention to how the price reacts around the 20-day EMA and the $0.00120 mark.
- **Trading Volume:** Increased trading volume can signal strong buying or selling pressure.
- **Market Sentiment:** Monitor social media and other crypto news sources for any significant changes in market sentiment.
It’s important to remember that the cryptocurrency market is volatile and unpredictable. While there are signs of potential bullish momentum, it’s crucial to conduct thorough research and manage your risk carefully before making any investment decisions. 📈📉
