DOGS, a meme coin from Telegram, has recently caught the attention of crypto participants due to its extreme volatility. Despite the sluggish trend in August, this asset predicted a massive move yesterday following the Token Generation Event (TGE) and listing on major exchanges. Here’s why the DOGS price prediction points to a bullish trend reversal.
DOGS price prediction suggests recovery in Binance’s new trading pairs
Today, Binance announced the launch of new trading pairs and expanded trading bot services. The new trading pairs, including DOGS/BRL, DOGS/USDC, RARE/BRL and RARE/USDC, will be available for trading on August 28, 2024 at 13:00 (UTC).
In addition, Binance, the largest crypto exchange by volume, will enable trading bots services for ETH/EUR, SOL/EUR, 1000SATS/TRY, BONK/TRY, PEPE/TRY and USDC/USDT, which will be available from 13:00 (UTC) on the same day.
The launch of new trading pairs usually increases market liquidity and provides more trading opportunities, potentially increasing volatility. Therefore, this week’s DOGS price prediction signals a potential dynamic move as it becomes easily accessible in different regions and expands the token’s global presence.
DOGE token secures crucial support
On August 26, the DOGS price prediction showed a sudden crash to $0.0001 after 502.48 billion DOGS were released, representing 92% of the maximum supply. However, after listing on Binance, the token quickly recovered to $0.0012, recovering most of its intraday loss.
The dog-themed meme coin shows a minimal intraday increase of 0.02%, pushing its value to $0.0012. The neutral behavior encourages buyers to stabilize above the psychological mark of $0.001. On Binance’s new trading pairs, the token price could surge by 153% and retest the $0.0031 resistance.
The momentum indicator (Relative Strength Index) near the oversold zone could attract buyers looking to take advantage of the token value at a discount.
However, as long as the overhead resistance is not intact, the DOGS price prediction could project a sideways or bearish trend. A possible break above $0.0031 could signal the first sign of recovery.
Frequently Asked Questions (FAQs)
The launch of new DOGS trading pairs on Binance, including DOGS/BRL and DOGS/USDC, is expected to increase market liquidity.
The extreme volatility in the DOGS price was triggered by the Token Generation Event (TGE) and the subsequent release of 502.48 billion DOGS tokens.
Despite the recent recovery, the DOGS price could remain sideways to bearish unless it rises above the $0.0031 resistance.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Equipped with a strong understanding of technical analysis, he keeps an eye on the daily price movements of major assets and indices. Attracted by his fascination with financial instruments, Sahil has enthusiastically turned to the emerging space of cryptocurrencies, where he continues to explore opportunities fueled by his passion for trading.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Conduct market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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