After being listed on various exchanges in just a few days, the DOGS price experienced a huge ascending trend, forming fresh highs at $0.001644. While the bears have begun to squeeze profits, the mounting pressure over the token is expected to have a larger impact on the price. The bulls could remain passive for a while as the market participants seem to remain uncertain during the upcoming monthly close.
What’s next for DOGS price? Can it trigger a bullish rebound to prevent the 10% pullback from approaching?
DOGS price had been trading within a rising parallel channel since the beginning, while the recent pullback has hindered the progress of the rally. In the past 24 hours, the price has dropped over 10% but has become the top 8th memecoin, surpassing BOME & POPCAT. Currently, the bulls are trying to keep up their strength and demonstrate a ‘v-shaped’ recovery by the end of the month.
The short-term price action of DOGS suggests the bears have held a huge dominance over the rally. After breaking from the rising parallel channel, the token seems to have begun to trade within a descending parallel channel. The technicals continue to remain uncertain as the MACD displays a slight rise in the buying volume while the stochastic RSI has reached the upper threshold, which indicates a pullback could be fast approaching.
Therefore, the DOGS price is believed to experience a small pullback to the local support at around $0.00119, which may trigger a fine rebound. Once the price reaches the resistance of the descending channel, the bulls are expected to exhibit some strength, which may push the prices back within the ascending parallel channel and reclaim $0.0016. With this move, the bulls may reclaim their dominance, which may elevate the levels towards fresh highs.
