Dog (Runes) Crypto Analysis : What's Ahead After 30% Surge A WeeDog (Runes) Crypto Analysis : What's Ahead After 30% Surge A Week
Dog (Runes) crypto delivered a strong performance rising over 30% a week and 326% a month.
At the time of writing, the crypto was exchanging hands close to $0.0088 recording an intraday drop of 5.62%.
Dog (Runes) crypto was headed for a profit booking intraday after showcasing a tremendous growth in the previous sessions. Since its inception in April, the crypto has been on a continuous 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, It was distributed through airdrop by volunteers 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 (Runes) Crypto Head for A Correction?
The Dog (Runes) crypto has made an impressive rally and has turned out to be a multibagger for their investors. At the time of writing, the crypto was exchanging hands close to $0.0088 indicating a decline of 5.62% indicating a profit booking.
Despite gaining in intraday, the bears are still not looking confident as the price still hovers above the previous day's low. Now, any sustained move below the previous day's low value may drag the price for a short term correction towards the 20 day EMA.
whereas, until the bulls are able to defend the lows, the crypto may continue to add on 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 losing interest of the bulls at the 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 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.
