The surge of DOGS, the newly launched memecoin on the TON blockchain, has been nothing short of impressive. After its launch in July, DOGS quickly gained popularity, especially among Telegram users. This swift rise, however, faced a potential setback when the founder of the platform was arrested, leading many to speculate that the memecoin’s bullish momentum might falter. The situation worsened when Toncoin (TON) dropped by 20%, casting further doubts on DOGS’ prospects.
Yet, in a surprising turn of events, the DOGS price has defied expectations, showing resilience and a renewed upward trend. This revival has been attributed to the latest updates surrounding Pavel Durov, the CEO of Telegram. Despite the challenges, the DOGS price continues to climb, making it one of the top performers with a notable 22% increase in the early trading hours of the day. The big question now is whether DOGS can maintain this momentum and reach $0.002 by the end of the month.
Technical analysis suggests that the bulls still have room to push higher. The stochRSI, an indicator of momentum, is nearing the upper threshold, signaling strong buying interest. Additionally, the MACD, a trend-following indicator, shows a decrease in selling pressure, further supporting the case for a continued price increase. If the buying volume picks up, DOGS could rise above the average zone of the rising parallel channel, potentially leading to a 12% increase and testing the upper resistance near $0.0017.
However, while the outlook is positive, it’s not without risks. The memecoin’s rise could face resistance from bearish forces, possibly slowing down the rally. But even with these potential hurdles, a climb beyond $0.02 seems likely as we move into September 2024. This optimistic projection highlights DOGS as a memecoin with staying power, poised to capitalize on its momentum and the broader market’s bullish sentiment.