The crypto industry is revealing in bullish sentiment, with most even 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 same 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 time frame.
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 leads to the outlook of a 160% surge.
Featured image from Picjumbo, chart from TradingView
