DOGS Eyes 13% Rally as Adoption Rises: Key Levels to Watch for Potential Breakout

DOGS, a Telegram meme coin, is poised for a potential 13% price rally as adoption rises and technical indicators suggest a breakout. Traders are watching key levels around $0.00095 and $0.00106 to determine the coin next move.

DOGS, a meme coin linked to Telegram, has recently gained attention after being listed on both the Binance spot and futures markets and, more recently, on Coinbase’s futures market on September 19th. These developments have heightened anticipation of a significant price breakout for DOGS, despite mixed market sentiment.

Recent Price Action and Key Levels to Watch

As of press time, DOGS is trading at $0.0009937, with a 24-hour trading volume of $376,474,563. This represents a slight increase of 1.23% over the past day, but the coin has seen a 2.49% decline over the past week. DOGS has a market cap of $513,223,017 and a circulating supply of 520 billion coins.

DOGS has tested its support zone near $0.00095 multiple times, a crucial level that traders are watching closely. A potential 13% rally is being targeted, with key resistance levels identified at $0.00010200 and $0.00010600, followed by $0.00011200 and $0.00011400. A breakout above these levels could push DOGS higher, but failure to hold the $0.00095 support could trigger downside risks.

Breakout Levels and Indicators

The $0.00095 level has emerged as a critical point for DOGS, acting as both a support zone and potential launching pad for future gains. If DOGS holds this level and breaks resistance at $0.00106, traders expect significant upward movement. However, if the price dips below $0.00095, the coin could face further downside pressure.

Technical indicators, such as a recent 15.55% decline in trading volume, suggest market activity has slowed. Despite this, Open Interest has risen by 5.31% to $146.20M, reflecting increased engagement among traders, who are largely taking long positions. Long/Short ratios on exchanges like Binance and OKX indicate bullish sentiment remains strong.

Rising Adoption Driving Bullish Sentiment

One of the key factors supporting DOGS’ bullish case is the increase in adoption. According to data from IntoTheBlock, the meme coin has seen a rise in new user adoption over the past week, with a 30-day average adoption rate of 43.63%. This growing interest in DOGS has further fueled speculation that the coin could be on the verge of a breakout.

Risks to the Bullish Outlook

Despite the optimistic indicators, traders should remain cautious. A failed breakout or continued low trading volume could dampen momentum and lead to further corrections. For now, traders are closely monitoring DOGS’ performance at the critical $0.00095 and $0.00106 levels

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