Binance Futures Listing Lifts DOGS Price by 10%, More Gains Expected

By admin On Sep 5, 2024

DOGS, the recently launched Telegram-native meme coin, has experienced a 10% price increase following Binance’s announcement that the token will soon be available for trading in the futures market.

As of this writing, DOGS’s price is $0.0010. But is this development crucial enough to lift the meme coin further off its recent lows?

The Largest Crypto Exchange Offers DOGS More

DOGS officially entered the market on August 26, with Binance and other major exchanges confirming its listing on the spot market. The subsequent listing on the futures market has now enabled traders to gain more exposure to DOGS and potentially profit from its price movements.

Following this development, on-chain data from Santiment revealed an increase in DOGS’s social dominance. In crypto, social dominance measures how often a project is discussed in the market.

An increase in social dominance indicates that discussions and mentions of a cryptocurrency are rising compared to others in the top 100 by market capitalization. Conversely, a decrease suggests the market is shifting its attention to other projects.

DOGS Social Dominance. Source: Santiment

The surge for DOGS suggests that attention is shifting to the meme coin backed by The Open Network. If this trend continues, DOGS’s price might jump higher than $0.0010.

Before Binance’s announcement, trading volume for the meme coin DOGS hovered below $400 million. As of press time, the volume has risen to nearly $500 million, signaling growing interest.

If this upward trend in volume persists, it could bolster the token’s strength, potentially driving DOGS’s price higher in the near future.

DOGS Trading Volume. Source: Santiment

DOGS Price Prediction: The Meme Coin Could Hit $0.0012

An analysis of the 4-hour DOGS/USDT chart shows a significant rise in the Cumulative Volume Delta (CVD), a technical indicator that measures the difference between buying and selling volume, offering insights into market demand and supply dynamics.

Typically, a negative CVD signals higher selling volume, which can indicate a potential price drop. However, the positive CVD for DOGS suggests stronger buying pressure. The Money Flow Index (MFI), which tracks capital flow into the market, also supports this, as it shows a rising reading.

DOGS 1-Hour Price Analysis. Source: TradingView

If this trend continues, DOGS could break the resistance at $0.0011 and possibly reach $0.0012. Conversely, if the price fails to breach this level, DOGS might drop to $0.00097.

Source

0 61

Share FacebookTwitterGoogle+ReddItWhatsAppPinterestEmail