DOGS Price Plunge: Will TON Buzz Spark Recovery?

DOGS price, a newly introduced meme coin on the TON blockchain, has quickly become a focal point in the cryptocurrency community. Despite launching in a downward market, DOGS captivated attention with a strong opening on Binance and other leading exchanges.  

This token reflects the robust spirit of the Telegram user base. It draws its inspiration from Spotty, a character designed by Telegram’s well-known entrepreneur and founder, Pavel Durov. This initiative highlights the community’s enthusiasm and innovative approach to digital currencies.

Recently, the price of DOGS has dipped following broader market corrections. The coin continues to generate buzz, trading amidst a bearish trend that has gripped much of the crypto world. 

DOGS Price Dip Despite TON’s High Activity

DOGS token airdrop has catalyzed an unprecedented spike in TON blockchain operations. Over the past week, this platform saw 46 million transactions. Analytics from IntoTheBlock highlights this remarkable volume. 

The TON blockchain processed over 46 million transactions last week, driven by the excitement surrounding the $DOGS airdrop. pic.twitter.com/Iu0yCKMkVX

— IntoTheBlock (@intotheblock) September 2, 2024

Despite this, the value of Toncoin has stumbled slightly. The altcoin currently sits at $5.16, reflecting a 5% decline over 24 hours. This fluctuation occurs amidst general market instability. 

The cryptocurrency market has seen some notable fluctuations over the past 24 hours. At the time of writing, the DOGS price hovered at $0.001126, marking a decrease of 7.57% from the previous day. 

The meme coin has experienced a daily high of $0.001226 and a low of $0.00106. This recent drop follows the token’s peak at an all-time high of $0.001644 just five days ago, indicating a sharp 30.96% fall from its peak value. Despite the day’s losses, DOGS still recorded a gain of over 7.04% from its all-time low, which was set earlier today.

Potential Paths for DOGS

If selling pressure increases, the price could retreat to a support level of $0.00112.  If the $0.00112 support fail to hold, a further decline to $0.0011 might occur.

The Moving Average Convergence Divergence (MACD)  indicator underscores this downward. The MACD line (blue) trending below the signal line (orange), and histogram bars show a sustained negative value, indicating potential further declines.

According to Coinglass data, the trading volume for DOGS has surged by 52.1% to $1.50 billion. Meanwhile, open interest in DOGS has decreased by 9.79%, currently standing at $120.60 million. This indicates a significant increase in trading activity despite a drop in the total number of open contracts.

The price is currently facing resistance at $0.0015. If the price successfully breaks above $0.0015, this could lead to a sustained upward movement. The next target prices in this scenario are $0.0017 and possibly $0.002.