SUNDOGE price rally coming soon? Well buys millions of tokens
The recently launched Tron-based meme coin Sundog (SUNDOG) has garnered a lot of attention from crypto enthusiasts and is poised for a massive price rally, likely due to rising whale interest. On September 14, 2024, on-chain analytics firm Lookonchain posted on X (formerly Twitter) that a crypto-well spent $500,000 in Tron (TRX) to buy 1.16 million SUNDOG tokens.
WELL'S INTEREST IN SUNDOG
As reported by CoinPedia, this huge purchase comes after Cryptowell bought $2 million worth of SUNDOG two days ago.
Despite the massive acquisition, SUNDOG remained stable and did not experience a price increase as of September 12, 2024 it rose more than 25%. At the time of publication, it is trading at around $0.34 and is down more than 2.75% in the last 24 hours. During the same period, the transaction volume decreased by 11 percent.
This decline in trading volume may be due to the market correction following a slight price increase in the cryptocurrency market.
SUNDOG price prediction
According to professional technical analysis, SUNDOG is experiencing a price correction and may remain bearish in the short term as it experienced a price increase of over 85% last week. According to SUNDOG's latest price movement, if a daily candle closes below the $0.331 level, there is a strong possibility that it will fall by 15% to the $0.288 level in the coming days.
Bullish gauges on the chain
However, continued support from whalers and investors could turn the tide of SUNDOG's depression. According to analyst firm Coinbase on the chain, futures open interest is increasing, indicating that traders and investors are in the buying process.
Additionally, SUNDOG's long/short ratio currently stands at 1.029, indicating bullish market sentiment among traders. Currently, 50.64% of top SUNDOG traders hold long positions, while 49.36% hold short positions, indicating that bulls dominate the stock.
