- Captain Faibik identifies a breakout for DOGS token from a falling wedge pattern.
- The analysis suggests a potential 40% rally in the short term.
- DOGS trades at $0.00104, a 2.03% increase today, though down 34% over the last two weeks.
Crypto analyst Captain Faibik sees a potential bullish rally for the DOGS token, a major dog-themed meme coin built on the Telegram-backed Toncoin (TON) network. Faibik anticipates a 40% price surge once the token breaks out of a descending trendline on the hourly chart.
Notably, the recently launched token has been a key meme coin in onboarding more users into Web3, reaching a milestone of a million on-chain holders in less than seven days of official trading on centralized exchanges, including Binance and Bybit.
This user base propelled DOGS into mid-cap altcoin territory, with a fully diluted valuation of roughly $575 million and a daily average traded volume exceeding $540 million, according to CoinmarketCap.
However, the late-August frenzy that boosted DOGS’ value was followed by a Bitcoin-led correction phase that impacted altcoins, including DOGS. Specifically, DOGS hit an all-time low of $0.0009769 on Wednesday, a nearly 50% drop from its all-time high of $0.001644 last week.
Despite this, market watchers like Captain Faibik see reasons for optimism about a DOGS comeback.
Captain Faibik’s Bullish Prediction
Earlier today, Faibik shared a chart showing DOGS breaking out of a falling wedge pattern on the hourly time frame, a setup often signaling a potential price trend reversal. His analysis suggests this breakout could trigger a bullish rally of up to 40% in the near term.
A falling wedge pattern forms when the price action contracts between two downward-sloping trend lines, often suggesting that bearish momentum is weakening. When the price breaks above the upper trend line, it typically indicates a shift towards bullish sentiment. In the case of DOGS, Faibik’s chart shows this breakout in action.
Captain Faibik’s analysis points to a potential bullish wave that could drive DOGS’ price to around $0.00147. This target is based on the height of the wedge pattern, extended from the breakout point.
Currently, the DOGS Token is trading at $0.00104, up 2.03% in the past 24 hours. The 34% drop over the last two weeks occurred shortly after the activation of on-chain withdrawals, which allowed investors to access their airdropped tokens.
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