Will DOGS Hold Strong at $0.0010 and Break the Wedge?

The post Will DOGS Hold Strong at $0.0010 and Break the Wedge? appeared first on Coinpedia Fintech News

With a market cap of $525 million, the DOGS token is trading at a decline of 5.34% in the past 24 hours. Currently, it is trading at $0.001017 with a 24-hour trading volume of $292 million. 

Built on the TON blockchain, DOGS leverages Telegram’s massive user community. With the broader market recovery, the DOGS gaming token is back in action and is fueled by the recovery in the TON token price. Will this recovery lead to a breakout rally for DOGS?

DOGS Price Performance

With a declining trend in the 4-hour chart, the DOGS price action reveals a minor bullish recovery but a broader-term declining trend. The bearish influence leads to a bearish falling wedge pattern and accounts for a 36% drop in the last 15 days. 

TradingView

Currently, the DOGS price action reveals a negative trend within the bearish wedge pattern, struggling to hold on to the $0.0010 psychological mark. Further, as the selling pressure increases, the MACD and signal lines give a bearish crossover. Meanwhile, the gaming coin takes resistance from the 50 EMA in the 4-hour chart. 

Based on the Fibonacci level, the next support level below the $0.0010 psychological mark stands at $0.000946 and $0.000922 levels. Further, the support trendline at the $0.000880 mark remains another crucial spot. On the upside, the crucial resistance levels above the declining trend line stand at $0.001070, $0.001156, and $0.001230.

DOGS Enters The Top 10 Trending Projects List 

In a recent tweet from Santiment, the top 10 trending projects include the name of the DOGS project. As a new project in town, this marks a huge achievement for the project and reveals a massive upside for the DOGS token price.