With a market capitalization of $525 million, DOGS token (DOGS) has experienced a 5.34% decline in the last 24 hours. Currently, the token is trading at $0.001017 and its 24-hour trading volume is $292 million, which is more than 42% less than the previous day. Meanwhile, with the sharp drop in the market today, the purchase price of Dogs retreated to the level of $0.001001.
Dogs, which is built on Telegram's Ton Network (TON) blockchain and benefits from Telegram's wide user community. In fact, Airdrop Dogs, in which 17 million users were awarded tokens, was the largest airdrop in history in terms of the number of participating users. Dogs increases its advantage by using Telegram's huge user community. With the general improvement of the market, this dog game token has returned to the field and has been strengthened by the increase in the price of Telegram's main digital currency, Toncoin. Will this improvement lead to an upward rally for the Dawgs?
DOGS price analysis
According to the technical analysis provided by Coinpedia, with a bearish trend shown on the 4-hour chart, the price movement of DOGS indicates a slight upward recovery but a broader bearish trend for this asset. The downward influence has led to the formation of a Bearish Wedge Pattern and has caused a 36% price drop in the last 15 days.
Currently, the Doggs price action is showing a bearish trend inside the descending angle pattern and is trying to maintain the psychological level of $0.0010. In addition, as the selling pressure increases, the signal lines and the MACD indicator show a bearish intersection. Meanwhile, this Telegram digital currency is facing the resistance of the 50-day exponential moving average (EMA50) on the 4-hour chart.
Based on Fibonacci retracement levels, the next support level below the $0.0010 psychological level is at $0.000946 and $0.000922. In addition, the support trend line at the $0.000880 level is another important point. On the upside, there are important resistance levels above the downtrend line at $0.001070, $0.001156, and $0.001230.
Learn more: Click on this link to see more analysis from Dogs
Dogs has entered the list of top 10 trending projects
According to the recent tweet of the Sentiment platform, the name of the Dogz project has entered the list of the top 10 trending projects in the field of digital currencies. As a new project in the digital currency industry, this is a very big achievement for the Dawgs project. With this account, Dogz is among the top trends in the field of digital currencies, along with top and big digital currencies such as Tether, Dogecoin, Tron, and ToneCoin. This shows a significant upside potential for the DOGS token price in the long term and means that the project has been able to make an impact on the community of digital currency users.
This is due to the fact that during its airdrop, Dogz recorded a record of 17 million participants, while 42 million users out of a total of 52 million players were able to withdraw Dogz tokens, which made Dogz the largest airdrop in history. converted Of course, this is a big achievement, but compared to the number of holders of large digital currencies such as Ethereum with 273 million holders and Shiba Ino meme coin with 128 million holders, the number does not seem so large.
It should also be noted that the value of DOGS tokens in this airdrop is not significant compared to historical and large airdrops such as UniSwap, IPCoin, dYdX and Arbitrum, each of which was worth several billion dollars. However, it should be noted that Dogs is one of the flagships of the new market trend, i.e. digital currencies of Telegram games, and it seems that it can have a bright future ahead.
