Is there any hope for the price of dogs to grow?
Many DOGS holders failed to take advantage of its growth in the early days and hope that the price of DOGS will rise.
Summary of analysis
- Rite Dogs' funding has grown.
- However, the selling pressure of this token may increase again.
According to BIN Crypto, the DOGS token, which was launched last week after the arrest of Paul Dorf in France; Token Generation Event (TGE) was highly volatile. It should be mentioned that this game plans to distribute more than 400 billion Doges tokens to its users.
The selling pressure of Dogs caused its price to rise from $0.0017 to $0.0010. However, an analysis of Dogg's hourly chart shows that its Money Flow Index (MFI) has grown significantly and its capital inflows have increased.
The decrease in the price of dogs and the increase in the MFI index show that the selling pressure has decreased and buyers have taken action. In addition, the increase in DOGS financing rate in the derivatives market shows that its buyers are optimistic and are willing to keep their long positions open by paying more fees.
Analyzing the price of dogs is not an easy task; Because it doesn't take much time to set it up. However, selling pressure seems to have eased after the Dogz's sharp decline from the $0.0012 level. As a result, the Dogs may establish a good support at the $0.0010 level.
As a result, DOGS can get closer to discovering its price. It seems that maintaining the $0.0010 level is very important for the dogs. As a result, if its support is lost, the price of this token may reach a new low. However, the distribution of Airdrop Dogs is still not completely finished and the sales pressure may grow again.
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