Dog (Runes) Chart Shows Profit Booking: Could It Retrace Gains?

• 1 Dog (Runes) has retested the 20 day EMA mark amid profit booking in the overnight session.
• 2 Amid the uptrend, DOG is still in the bullish region.

The Dog (Runes) price began losing gains and revealed profit booking from the top this week. DOG retraced over 25% of gains in the last three sessions.

Looking at the price action, the Dog (Runes) may stretch the decline and will retest the prompt support zone of $0.006300, close to its 61.8% Fib level. 

Launched on Apr 24, 2024, Dog (Runes) is a decentralized memecoin, which is a part of Runes protocol on the Bitcoin blockchain.

After May 12, Dog (Runes) crypto accelerated massively and surged 450%, marking an ATH at $0.009774. However, due to the negative market sentiments, nominal profit booking was visible at the highs.

At press time, Dog (Runes) price was $0.007149 with an intraday drop of 9.32%, reflecting bullishness on the charts. It has a monthly return ratio of 149.20% and 411.20% yearly, reflecting a bull rally.

Could Dog (Runes) Extend Downside to $0.005500 Mark?

The daily chart of Dog (Runes) displays significant profit booking, losing over 25% this week. However, the trend is intact and bulls may continue to dominate ahead.

The price action suggests that, if Dog (Runes) reverts above $0.008000, it may target its ATH mark and might reach $0.01000 shortly.

Conversely, if it fails to attain strength and slips below $0.006500, a possible correction wave may lead DOG toward $0.006000, followed by $0.005700 soon.

Source: TradingView

Meanwhile, the trading volume dropped over 11% to $50.01 Million, reflecting a drop in buyer confidence in uplifting gains. The Relative Strength Index (RSI) curve displayed a negative crossover and stayed in the overbought zone.

Dog (Runes) Price Analysis on the 4 Hour Chart

Despite the massive surge in the past few weeks, the 4-hour chart implied that sellers have entered the battle and a rounding top pattern will be formed soon. If the token breaches the 100 day EMA mark support, it may drag toward its make or break zone of $0.005600 soon.

Source: TradingView

@Leonidas tweeted that, “I can not promise if the DOG price will be higher or lower tomorrow but I will guarantee that I will show up regardless

We already did the hard part (free and fair distribution + top memecoin on Bitcoin)

All that we need to do now is show up

This is a journey not a race”

Source: X

The immediate support levels for the Dog (Runes) are $0.006800 and $0.006300, whereas the key upside hurdle is around $0.007800, followed by $0.008500.

Conclusion

The Dog (Runes) price retested its 20-day EMA mark and may see follow-on selling pressure ahead. The memecoin might reflect short term profit booking, as the memecoin is overbought and needs to cool off in the next few sessions.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.