The crypto industry is enjoying a bullish feeling, with many meme coins also getting in on the action. Notably, a crypto analyst on the TradingView platform dropped an interesting 160% opinion of the meme coin, and or Dogecoin or Shiba Inu. Instead, the focus is on DOGS, a relatively new meme cryptocurrency with a strong following on social media.
Crypto Analyst Predicts 160% Dog Crack
A crypto analyst that goes by the name CoreCrypto1 which was recently revealed bullish opinion analysis on DOGS. Posted on the TradingView platform, the analysis highlights DOGS Coin as a potential breakout candidate. In the analysis, CoreCrypto1 points to a descending triangle pattern on the daily DOGS chart, noting that the coin has just broken out of this formation.
This to set the descending triangle it is usually seen as a bullish signal, as it ends with a breakout leading to an increase in pressure. The top line of this descending triangle, which has been forming since August, has repeatedly closed DOGS rallies so far.
CoreCrypto1 points out that DOGS has not only been able to break through this resistance but is now in the critical phase of retesting the rest level. This retest could turn the previous resistance into a support level and set the meme coin on the path to greater profits. If the retest is successful, CoreCrypto1 believes that this setup could propel DOGS to a 150-160% increase from its current price.
Price Levels to Keep an Eye on
DOGS is a new dog themed meme coin launched in July 2024 as part of a new niche of cryptocurrencies tied to the TON blockchain. The meme coin is inspired by the Spotty mascot, which was created by Pavel Durov, the founder of Telegram.
Interestingly, DOGS has gained a lot of followers on social media, especially among Telegram users. Launched at $0.001633, DOGS crashed heavily after launch. However, the latest entry into the market after the US election I saw you initiate an uptrend on the daily candle time frame.
CoreCrypto1 recommended an entry of DOGS at the current market price, while also suggesting an additional buy on the dip to $0.00052 and a stop loss at $0.000444. His DOGS targets are ambitious, with price levels set at $0.0008, $0.0011, and $0.00152. At the time of analysis, DOGS was trading at $0.0005707. Achieving the target price would mean returns of 40%, 92%, and 166%, respectively.
Interestingly, the price data shows that DOGS has continued to increase in price since the analysis. At the time of writing, DOGS is trading at $0.0006269 and is up 12.5% ​​in the last 24 hours. This positive momentum also gives the impression of a 160% increase.
Featured image from Picjumbo, chart from TradingView