Crypto Analyst Sounds 160% Breakout Alarm For This Meme Coin – It’s Not Dogecoin Or Shiba Inu

Share This Post

The crypto industry is reveling in bullish sentiment, with most meme coins also participating in the action. Notably, a crypto analyst on the TradingView platform has dropped an interesting 160% bullish outlook for a meme coin, and it’s neither Dogecoin nor Shiba Inu. Instead, the focus is on DOGS, a relatively new meme cryptocurrency with a strong following on social media.

Crypto Analyst Predicts 160% Breakout For DOGS

A crypto analyst who goes by the name CoreCrypto1 recently revealed a bullish perspective 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 DOGS daily chart, noting that the coin has just broken out of this formation. 

This descending triangle setup is typically seen as a bullish signal, as it mostly ends with a breakout leading to upward momentum. The upper trendline of this descending triangle, which has been forming since August, has repeatedly capped DOGS’s rallies until now.

CoreCrypto1 points out that DOGS has not only managed to break through this resistance but is now in the crucial phase of retesting the breakout level. This retest could convert the former resistance into a support level and set the meme coin on a path to substantial gains. If the retest is successful, CoreCrypto1 believes this setup could propel DOGS to a 150-160% increase from its current price.

Price Levels To Keep An Eye On

DOGS is a relatively new dog-themed meme coin that was 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 garnered a huge following on social media, especially amongst Telegram users. Launched at $0.001633, DOGS crashed massively after launch. However, recent inflows into the market after the US elections have seen it kick off an uptrend on the daily candlestick timeframe. 

CoreCrypto1 recommended entering DOGS at the current market price, while also suggesting further buys on dips up to $0.00052 and a stop loss at $0.000444. His targets for DOGS are ambitious, with price levels set at $0.0008, $0.0011, and $0.00152. At the time of the analysis, DOGS was trading at $0.0005707. Reaching the price targets would mean returns of 40%, 92%, and 166%, respectively.

Interestingly, price data shows that DOGS has continued its price uptick since the analysis. At the time of writing, DOGS is trading at $0.0006269 and is up by 12.5% in the past 24 hours. This positive momentum further lends to the outlook of a 160% surge.

Featured image from Picjumbo, chart from TradingView

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Toncoin Liquidity and User Activity Reviewed by Analyst: Insights on Market Impacts

Toncoin (TON) has seen notable changes in its market dynamics so far, driven by supply variations and heightened user engagement across its ecosystem Particularly, according to a recent analysis by

Dogecoin (DOGE) Momentum Seems Unstoppable: How High Can It Go?

Dogecoin started a fresh surge above the $0320 resistance against the US Dollar DOGE is holding gains and eyeing more upsides above $04180 DOGE price started a fresh rally like Bitcoin and climbed

XRP Lawsuit News: Legal Expert Says Ripple-SEC Case Could End in 2025, But There’s a Twist

The post XRP Lawsuit News: Legal Expert Says Ripple-SEC Case Could End in 2025, But There’s a Twist appeared first on Coinpedia Fintech News There’s growing speculation that Gary Gensler, the

An Elusive Indian Suspect at the Center of Indiana’s Crypto Fraud

Authorities in Grant County, Indiana, have recovered $36,000 in a cryptocurrency scam involving Prateek Jain, a 33-year-old man from Kolkata, India Jain faces charges of felony fraud and money

XRP Price Gains Steadily with Swings: Can It Maintain Momentum?

XRP price is slowly moving higher above the $06320 support zone The price tested the $07450 zone and is currently correcting gains XRP price started a decent increase above the $06320 resistance The

Bitcoin Price Prediction: Cup and Handle Pattern Hints at Breakout Above $126,000

The post Bitcoin Price Prediction: Cup and Handle Pattern Hints at Breakout Above $126,000 appeared first on Coinpedia Fintech News The Bitcoin bull market is showing no signs of slowing down