SUNDOG Surges Amid Bullish Signals and Investor Demand
Key Takeaways
- SUNDOG saw a 204% increase in trading volume within a single day.
- Large investors (“whales”) withdrew over 69 million tokens worth 3.56 million USD from Bybit.
- The price rose by 32.73% to 0.06909 USD.
- Technical indicators and on-chain data suggest bullish tendencies.
- A breakout above 0.079 USD could pave the way to 0.12 USD.
Whales Are Betting on SUNDOG – What’s Behind It?
Over the past 24 hours, the trading volume of the memecoin SUNDOG has more than tripled. Particularly noteworthy: Two new wallets and two potentially linked addresses withdrew a total of 69 million tokens worth approximately 3.56 million USD from the crypto exchange Bybit. Such movements indicate targeted accumulation by large investors.
When price and accumulation rise simultaneously, it is often a signal of an upcoming rally. The current price increase of 32.73% to 0.06909 USD supports this assessment.
Leverage Effect: Derivatives Trading Explodes
Strong interest is also evident in the derivatives market. Derivatives trading volume rose by 204.89% to 29.66 million USD. At the same time, open interest – the total volume of open positions – increased by 43.82% to 15.07 million USD.
This combination suggests strong trader conviction. Many appear to be speculating on short-term price gains. The liquidation heatmap from OKX shows that numerous short positions were closed around the 0.07 USD level. This led to a so-called short squeeze – a sudden price increase as short sellers are forced to close their positions.
Next Price Targets: 0.079 USD and Beyond
The next technical resistance is at 0.079 USD. If SUNDOG breaks through this level, a rise to 0.12 USD is possible. Two technical signals support this outlook:
- The MACD (Moving Average Convergence Divergence) shows a bullish crossover.
- The 9-day moving average has crossed above the 21-day moving average – a classic buy signal.
However, failure at the 0.079 level could lead to a short-term correction. As long as volume remains high, bullish signals are likely to prevail.
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On-Chain Data Shows Growing User Activity
Blockchain data also indicates increasing interest. Over the past seven days, the number of new wallets rose by 171.43%. Active addresses increased by 76.19%. The number of wallets with zero balance – an indicator of new users – also grew by 123.81%.
This development shows that more users are engaging with SUNDOG. That strengthens the fundamentals and can support the price in the long term.
Volatility Decreases – Stable Ground for New Moves
SUNDOG’s 30-day volatility dropped to 116.68% – the lowest level in a month. Lower fluctuations combined with an upward trend often provide a stable base for further price increases. However, if trading volume suddenly drops, the positive trend could weaken.
Our Assessment
SUNDOG currently shows a combination of technical strength, growing user activity, and speculative interest. The strong accumulation by whales and the rise in the derivatives market point to short-term upside potential. A breakout above 0.079 USD could open the path to 0.12 USD.
However, the setup remains vulnerable to pullbacks if volume declines or resistance is not overcome. Those who are invested or considering entry should closely monitor the 0.079 USD price level and trading volume.
Sources
- CoinGlass
- IntoTheBlock
- TradingView
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