The DOGS token is currently gaining momentum in the cryptocurrency market and shows significant bullish potential. Well-known crypto analyst Alan Santana on TradingView believes that DOGS is extremely bullish at the moment, with consolidation taking place above the support level.
Each passing day strengthens the chart further. Santana points out that the token’s current momentum is surpassing important thresholds, indicating a continuous increase in DOGS. He stated, “We have now reached the highest price since October 2024, and soon we will surpass the highest price since September; DOGEUSDT is still on the rise.”
DOGS Strengthens with EMA55 and 6X Trade Setup
The EMA55 line is a crucial technical indicator that supports this positive outlook. Santana observed that although the token briefly dropped below this level in the latest session, it quickly recovered and closed in the green.
The EMA55 also aligns with the 0.618 Fibonacci extension level, a significant zone in technical analysis that often signifies strong support. Santana mentioned, “We are moving upwards, and we have a leveraged trade with 6X that is poised to take off,” highlighting the strength of the memecoin. Patience is key.
In addition to the optimistic sentiment, DOGS has seen a notable price increase, currently trading at around $0.0008. With a 5.11% rise over the past 7 days, this pushes its market cap above the $400 million milestone.
Due to its strong bullish setup in the short term, another crypto analyst suggested that DOGS could potentially yield returns of up to 70%, according to a previous CNF report. Strategic tokenomics and robust community support also play a significant role in DOGS’ momentum. A scheduled token burn of $4 million aims to reduce the circulating supply.