NOIDA (CoinChapter.com)— The DOGS meme coin has rapidly surged in popularity since its launch on Aug. 27, causing significant congestion on the TON blockchain, which experienced over 12 hours of downtime in the past 36 hours.
Despite the disruptions, the DOGS crypto token has maintained substantial trading activity, with its price action now entering a consolidation phase.
The memecoin’s swift rise strained TON’s infrastructure and sparked a heightened market interest. As traders navigate the volatility, the critical focus shifts to how DOGS’ price charts are shaping up amidst this intense activity.
The DOGS Crypto Facing Bearish Market Signals
Recent data reveals a significant surge in open interest for DOGS coin, alongside a notable rise in trading volume, pointing to increased market activity. Open interest jumped by 42.60%, reaching $162.49 million, while trading volume surged by 119.7%.
These numbers often indicate strong bullish sentiment; however, the concurrent drop in the weighted funding rate—from 0.0144% to 0.0087%—signals a growing caution among traders.
Unlike other TON-based tokens, the DOGS crypto token is consolidating within a narrow range. While the surge in open interest and trading volume reflects growing interest, the falling funding rate suggests traders might be hedging against potential downside risks, possibly shifting from long to short positions.
Overall, the charts present a mixed outlook. The bullish momentum suggested by rising open interest and trading volume is counterbalanced by the declining funding rate, signaling that the market is waiting on clearer cues before deciding on a direction.
The token’s price action may break out of its current consolidation range, leading to a significant move in either direction. Traders should remain alert to potential volatility as this standoff unfolds.
DOGS Meme Coin Price Crabbing
Meanwhile, after dramatic volatility on Aug. 26, the DOGS USDT pair has started crabbing, unable to move past $0.000.0016.
The DOGS memecoin price dropped over 2% on Aug. 30 to reach a daily low near $0.00121 before recovering marginally.
If the DOGS crypto token price fails to rally, bears could push the token down toward the support level near $0.00067. Moreover, breaching the immediate support level might see the DOGS meme coin price test the support near $0.00033.
On the other hand, a rally from here would see the DOGS crypto token rise to the resistance near $0.00214. Flipping the immediate resistance could help DOGS meme coin price target the resistance near $0.0049 before retreating.
The RSI for the DOGS meme coin remained neutral, with a score of 34.6 on the daily charts.
