DOGS Token Price Eyes Major Rebound: Is a 40% Rally on the Horizon?
coinpedia.org 05 September 2024 09:25, UTC The Toncoin (TON) blockchain has taken the industry by storm with its meme coin projects, led by Dogs (DOGS) and Resistance Dog (REDO), among others. The Toncoin project has heavily leveraged the nearly 1 billion Telegram users to launch its meme coin projects, which have received huge support from the Web3 community.
As a result, its meme coin projects are expected to experience significant volatility and register palpable gains, especially amid the anticipated altseason. According to the latest market data, top meme coins in the TON network have a market cap of about $593 million and a daily average traded volume of around $479 million.
DOGS Token Price Ready for Parabolic Rebound
From a technical standpoint, DOGS’s price against the US dollar has been trapped in a falling trend in the past week after an impressive launch. The small-cap altcoin, with a fully diluted valuation of about $575 million and a daily average traded volume of around $475 million, has, however, signaled a possible reversal in the short term.
$DOGS is breaking out of Falling Wedge on the Hourly TF Chart..!!
Expecting +40% Bullish Rally in the Short term.. Don’t miss the Ride.. #Crypto #DOGS #DOGSUSDT pic.twitter.com/ce11L3qLE6
— Captain Faibik (@CryptoFaibik) September 5, 2024
According to a popular crypto analyst alias Captain Faibik, DOGS price has already broken out of an hourly logarithmic falling trend. As a result, the crypto analyst argued that a successful retest of the hourly falling wedge will yield at least a 40 percent bullish rally in the short term.
The DOGS’ bullish sentiment is well bolstered by its fast-growing community of around 2.58 million holders, a milestone that was achieved in only ten days.
Bullish Narrative on Toncoin
Despite the legal hurdles facing Telegram in different jurisdictions, amid the recent arrest of Pavel Durov in France, Toncoin’s projects remain a major attraction for speculative investors.
Moreover, the Toncoin network offers cheap transaction fees and high liquidity for its users. Additionally, the Toncoin network recently announced that the necessary measures have been put in place to ensure the chain remains active amid high on-chain activity.
Earlier this week, Toncoin network celebrated reaching a major milestone of 1 billion transactions.
