The DOGS meme coin has seen a price drop of nearly 10% in the past day, as noted by leading crypto analyst CryptoBusy. The activation of shorts and negative market sentiments have driven the price down.
DOGS Price Analysis
CryptoBusy's analysis points to several critical factors contributing to DOGS’ downtrend. First, a descending white trendline confirms the downward trajectory, indicating that sellers are maintaining control of the market.
Market Sentiment and Price Impact
Moreover, CryptoBusy mentioned the broader market sentiment as a critical factor in DOGS’ price decline. This has led to an increase in shorting and further selling pressure. According to CoinGecko, the DOGS coin price today is $0.001014, representing a 10.20% dip in the last day and an 18.30% drop over the past week.
Bearish Momentum and Future Outlook
The overall outlook for DOGS remains bearish, with no immediate signs of recovery. CryptoBusy's analysis highlights the importance of observing critical support and resistance levels. The failure to stay above support zones and the strong bearish momentum suggest that further downside is possible unless market sentiment shifts or a consolidation pattern emerges.
The DOGS meme coin continues to decline under the pressure of negative market sentiments and short activations. According to CryptoBusy's analysis, the bearish outlook persists unless new positive signals appear in the market.
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