Posted: November 12, 2024

• DOGS hits key Fibonacci levels with room to grow, supported by technical indicators.
• Bullish on-chain metrics and long liquidation dominance highlight strong support for further gains.

Dogs [DOGS] has seen an explosive 40% increase in the past week, driven by a strong wave of buying interest and bullish momentum.

Currently trading at $0.0007026, the token was down slightly by 1.54% at press time, yet it has maintained impressive growth amid the volatile market. As DOGS continues to capture attention, the big question remains: can it sustain this rally?

DOGS technical analysis: What are the key levels to watch?

DOGS has shown promising movement, breaking out from previous lows and pushing toward higher levels. The Fibonacci retracement chart indicates key levels that could shape the token’s future direction.

DOGS was hovering near the 0.618 Fibonacci level, a potential area of support that could stabilize the price in case of pullbacks.

Additionally, the next resistance lies around the 1.618 Fibonacci extension at $0.0011343. This level is critical, as breaking above it could fuel a further rally, possibly taking DOGS to the 2.618 extension level at $0.0015458.

However, failure to break these resistance levels may lead to consolidation, with support around $0.0006565.

The Relative Strength Index (RSI) currently stands at 54.76, indicating that the token is not yet in overbought territory. This level suggests that DOGS still has room for growth before encountering potential selling pressure.

Therefore, this moderately bullish RSI reading aligns with a potential continuation of the upward trend, provided the overall market remains supportive.

DOGS on-chain signals remain bullish

The on-chain data reveals multiple bullish signals. Despite a slight decline in net network growth, three significant metrics show a positive outlook. The “In the Money” metric, up by 9.79%, indicates that more DOGS holders are profiting, which often boosts investor confidence.

Similarly, the “Concentration” metric has risen by 0.03%, reflecting that larger holders or “whales” maintain their positions, suggesting faith in the token’s potential.

Additionally, “Large Transactions,” up by 0.25%, signifies that high-value trades are taking place, pointing toward institutional interest or large-scale investments.

These bullish on-chain metrics underscore growing support within the DOGS ecosystem, enhancing its fundamental strength amid price fluctuations.

Liquidation data shows a leaning toward long positions

The liquidation chart reveals a recent surge in long liquidations, totaling $743.41K, compared to $111.39K in shorts. This ratio suggests that a majority of traders remain optimistic, expecting the price to continue rising.

Binance leads in long liquidations, with $509.38K, followed by significant long liquidations on Bybit and OKX, totaling over $100K each.

Consequently, while there is optimism, traders should approach with caution, as high liquidation levels can spark rapid price shifts.

Read Dogs’ [DOGS] Price Prediction 2024–2025

Can DOGS maintain its upward trajectory?

DOGS has demonstrated remarkable strength with a 40% gain over the past week, and technical and on-chain indicators suggest further room for growth.

However, key resistance levels and market sentiment will be crucial in determining the sustainability of this rally. If DOGS can hold its current momentum and break above critical Fibonacci extensions, it may continue climbing.