Telegram meme coin DOGS price likely to recover

Meme coin DOGS , the newly launched coin on the Telegram-affiliated TON blockchain , may be poised for a recovery. Since its launch, the Token has lost 32% of its value.

With the market's growing interest in meme coins, DOGS has shown resilience, making it one of the top 100 cryptocurrencies to watch.

Data Shows DOGS Buyers Are Back

DOGS, which was launched on August 26 after Telegram CEO Pavel Durov was arrested in France , has experienced a volatile Token Generation Event (TGE) with over 400 billion Token distributed to users. The strong selling pressure caused the DOGS price to fall from $0.0017 to $0.0010. However, hourly chart analysis shows a noticeable increase in the MFI index, indicating that Capital inflows into the coin are increasing.

MFI is a technical indicator that shows the level of Capital inflow into a cryptocurrency. When it falls, it implies that selling pressure is increasing. Conversely, a rise indicates the opposite.

In the case of DOGS, the falling price coupled with the rising MFI indicates that selling pressure is decreasing and buyers are stepping in, creating a bullish divergence. This usually indicates that the price may be ready to rise.

In addition, the Derivative market also showed similar optimism, as evidenced by rising funding rates. A higher funding rate indicates that buyers (Longing) are paying sellers (Short) to hold their positions, indicating broad bullish sentiment. Conversely, a negative funding rate would indicate bearish expectations.

Given the rising funding rate and recent price action, it appears that DOGS could be about to move towards its upper resistance.

DOGS Price Prediction : Ready to Retest $0.0012

Further analysis of the hourly chart shows that DOGS may be approaching price discovery, a supply and demand-driven process where buyers and sellers determine the fair value of a Token. After a sharp decline from $0.0012, it appears that sellers are losing momentum, with buyers defending the $0.0010 support level. Holding this support level is crucial for a potential recovery.

If DOGS holds its ground, a move back to $0.0012 could be the next step. However, if it fails to hold $0.0010, the Token could drop to new lows.

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