Dog (Runes) Crypto Analysis: What’s Next After 30% Weekly Surge?

By Thecoinrepublic.com
about 1 month ago
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Dog (Runes) crypto was headed for a profit booking phase intraday after showcasing tremendous growth in recent sessions. Since its inception in April, the crypto has been on a steady rise and has surged over 547%. The memecoin has outperformed several cryptocurrencies and has soared 30.6% a week and over 326.1% a month.

DOG (Runes) crypto is a community-led memecoin that operates on a decentralized basis within the Bitcoin blockchain. Launched in April 2024, volunteers distributed it through an airdrop to members of the Bitcoin Ordinals community without any allocation for the team or prior sale.

The coin’s goal is to skyrocket in value and introduce a vast number of users to Bitcoin. It exists within the Runes Protocol on the Bitcoin network and is available for trading across Bitcoin’s primary layer, secondary layers, and various centralized exchanges.

Can DOG Crypto Head for a Correction?

The Dog (Runes) crypto has made an impressive rally and has turned out to be a multi-bagger for their investors. At press time, the crypto was exchanging hands at around $0.0088, indicating a decline of 5.62%.

   

Despite dominating intraday, the bears are still not confident as the price is hovering above the previous day’s low. Any sustained move below the previous day’s low value may drag the price for a short-term correction toward the 20-day EMA.

However, until the bulls can defend the lows, the crypto may continue to add to the buying volume inflow, and the price may keep growing.

The volume analysis shows that the Intraday volume inflow was $52.76 Million, which was 35.5% lower than the previous day, suggesting a drop in the volume. It indicates the bulls are losing interest at higher prices.

Dog (Runes) Crypto: Technical Outlook 

From a technical point of view, the Dog (Runes) price trades comfortably above the key dynamic support of the 20-day Exponential moving average, suggesting a strong outlook. The EMA may act as a support if the price takes a pullback. 

At press time, the RSI line was placed in the overbought zone at 70.17 points, and that of the SMA line was at 70.11. It indicates the price trading in an overbought zone and a pending correction or consolidation. Also, both the lines were about to form a bearish crossover, which adds confirmation to it. 

Conclusion

Dog (Runes) crypto is experiencing profit booking, with a 5.62% intraday decline. The memecoin has surged 547% since launch, 30.6% weekly, and 326.1% monthly. After witnessing a remarkable rise, the price may head for a profit booking if it falls below the previous day’s low towards the 20-day EMA.

Moreover, the volume analysis indicates a 35.5% decrease from the previous day, suggesting waning bullish interest. From a technical outlook, Dog (Runes) remains above the 20-day EMA, indicating a positive trend. However, a correction or consolidation might be imminent, with RSI and SMA lines nearing a bearish crossover in the overbought zone.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

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