$DOGS is testing support at $0.00095 as traders watch for a potential bounce amid rising meme coin competition.
Traders are closely watching to see if the price will bounce off the support level, potentially sending it back to retest the range top.
Zen further suggested that if DOGS bounces from this support level, there is a strong chance for another retest of the range top. Should DOGS revisit these levels, traders might see a potential upward move toward the $0.00121 target, which represents a 2:1 risk-reward ratio.This technical pattern features three troughs, with the middle one being the deepest, often followed by a breakout above the “neckline.”While DOGS is showing signs of a potential recovery, the launch of new meme coins like CATI and HMSTR on Binance’s Launchpad may affect its momentum.
The market rotation toward fresh launches might impact DOGS, making it essential for traders to monitor how the token responds to this increased competition.Despite these figures, the past seven days saw a 77.40% drop in active addresses and a 77.63% decrease in new addresses.Additionally, the number of zero-balance addresses hit 68.9k, reflecting declining activity. This address drop could signal a reduction in user engagement, which could impact DOGS’ price action in the short term.
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