DOGS Price Dropped 20% in a Week, But This P2E SHIB Derivative Sold Over $1 Million in Presale

DOGS price is down 20% in the last week and 9% in the last 24 hours. Trading at $0.0009975 As of 00:47 AM ET, trading volume was up 9% to $496 million.

Last week’s sharp drop comes after DOGS withdrawals were enabled on-chain, allowing the last batch of investors to withdraw their airdrop allocations.

Dog Price Forecast: Can Dogs Recover From Current Downtrend?

Since August 29, three days after its launch, DOGS price has been in a steady downtrend, with bears taking full control of the price. On September 2, support at $0.0010550 allowed bulls to push DOGS price to $0.001174 before falling back to the support area.

The price action within this range formed a rounding top pattern, which the bears used to push the DOGS price lower.

DOGSUSD chart analysis (Source: Gecko Terminal)

On the 1-hour chart of DOGS/USD, DOGS is now trading below the 50-day and 200-day simple moving averages, confirming the bearish trend.

Furthermore, the Relative Strength Index (RSI) is below the oversold level of 30, currently at 29. The RSI appears to be moving in a straight line, indicating that buyers may be piling up the stock.

If sellers continue to put more pressure on the asset, DOGS could further decline to the $0.0009409 support level.

However, the RSI shows that DOGS is currently undervalued, which could be a buy signal for bulls. If bulls buy at this level, DOGS could rally, with the 50-day SMA at $0.0010862 as the immediate target.

Meanwhile, some fans of dog-themed coins are turning to a new alternative to the Shiba Inu called the SHIBASHOOTwhich has surpassed $1 million in pre-sale funds.

Shiba Shootout Movie Collects Over $1.07 Million in Advance Ticket Sales

Shiba Shootout is a unique meme coin project that takes its community to a digital frontier inspired by the Wild West. Set in the vibrant town of Shiba Gulch, it features characters like Marshal Shiba and the Shiba Sharpshooters.

prepare! #Sheba_Fire It is more than just #memecoin It’s a Wild West crypto adventure! 🐾💥

Join Marshal Shiba & the Sharpshooters at Shiba Gulch for fun and excitement. 🤠🚀 pic.twitter.com/a3BFVx7u42

— Shiba Shootout (@shibashootout) July 1, 2024

The project includes a mobile game called Shiba Sharpshooter, which has already amassed over 1,000 downloads on the Google Play Store, with a Web3 app launching soon.

Moreover, the project boasts several innovative features designed to engage its community. Among these features is the Posse Rewards referral program, which incentivizes users to grow the community, offering bonus tokens for successful referrals.

Aside from P2E crypto games in Shiba Gulch, $SHIBASHOOT holders can also easily earn money passively through Betting mechanism on the platform, Which offers 877% annual bonuses.

According to crypto channel 99Bitcoins, which has over 706,000 subscribers, investors who buy $SHIBASHOOT can earn “crazy rewards.”

If you are interested in participating in the presale, you can buy the token for $0.0201. But hurry up because the price will go up in about five days.

Buy SHIBASHOOT tokens on the official website here.

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