The recently launched Tron-based meme coin SUNDOG has garnered massive attention from crypto enthusiasts and is poised for a significant price rally, potentially due to rising interest from whales.
Whale Interest in SUNDOG
On September 14, 2024, the on-chain analytic firm Lookonchain reported that a crypto whale spent $500,000 worth of Tron (TRX) to purchase 1.16 million SUNDOG tokens. Two days prior, the whale had already bought $2 million worth of the token. Despite these major purchases, SUNDOG remains stable, trading near $0.34 with a 2.75% price decline in the last 24 hours and an 11% drop in trading volume.
SUNDOG Price Prediction
According to expert technical analysis, SUNDOG is experiencing a price correction and might remain bearish for a short period, having surged over 85% in the past week. If its daily candle closes below $0.331, there is a strong possibility it could fall by 15% to the $0.288 level in the coming days.
Bullish On-chain Metrics
Continuous support from whales and investors may change SUNDOG’s bearish sentiment. According to the on-chain analytic firm Coinglass, its future open interest is steadily rising, indicating traders and investors are on a buying spree. Additionally, SUNDOG's Long/Short ratio stands at 1.029, indicating bullish market sentiment among traders, with 50.64% holding long positions and 49.36% holding short positions.
Thus, ongoing interest from major investors and positive on-chain metrics could shift the current bearish trend of SUNDOG, making it an asset to watch in the near future.
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