Remarkable surge in SUNDOG's volume by 204%: Insights into the madness of the short-squeeze phenomenon
Unleashing the Sundog Rally!
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The crypto world is aflutter! Whales have gone wild, amassing over 69 million Sundog SUNDOG tokens worth a whopping $3.56M from Bybit. This whale frenzy coincides with an epic 32.73% day-to-day price surge. As of now, Sundog is trading at $0.06909.
Wait, it gets better! When price and accumulation join forces, good things happen, and stronger rallies ensue. So sit tight, because if the accumulation continues, it could validate bullish expectations, increasing speculation, and short-term upside potential.
Trader Betting Game is On
Looking at the metrics of Sundog derivatives, you can see the gambling spirit is alive and well. Derivatives Volumes skyrocketed 204.89% to $29.66M, Open Interest rose 43.82% to $15.07M. This means leveraged traders are jumping on the Sundog bandwagon! The combination of surging Volume and Open Interest suggests strong conviction behind these recent bets, implying that traders believe in the near-term price continuation.
The OKX Liquidation Heatmap confirms this bullish sentiment. You guessed it - intense sell-side liquidation occurred around the resistance level of $0.07. As price smashed through this zone, a dramatic short squeeze followed, forcing many traders out and boosting upside pressure.
But wait - there's more! Another liquidation cluster hides at $0.075. Keep your eyes peeled, because if bulls keep the pressure up, additional liquidations could stack up and amplify the momentum further.
Will Bulls Break Through? $0.079 & Beyond
At present, Sundog is edging toward a significant resistance level near $0.079. If it can smash through this hurdle, the path toward $0.12 opens up. Take a look at the Macroeconomic Average Convergence Divergence (MACD) - it's shown a bullish crossover, signalling increased momentum strength. On top of that, the 9-day moving average has crossed above the 21-day moving average, confirming a bullish MA cross. These two signals suggest that the trend structure is improving. But if Sundog fails to hold above $0.079, a short-term correction could occur. Nonetheless, indicators currently favor bullish continuation as long as volume stays put.
Rise in User Engagement
Zero Balance Wallets jumped by 123.81%, indicating fresh wallet generation and increased activity churn. On top of that, the surge in Active Addresses by 76.19% and New Addresses by 171.43% signals a broader increase in user engagement. This growing interest supports Sundog's price action from a fundamental standpoint.
With volatility cooling, Sundog's is now experiencing the calm before the storm. Its 30-day Volatility is at its lowest in a month, 116.68%. This stable price action could help support cleaner breakouts, setting the stage for stronger moves. However, a sudden volume drop could weaken this momentum.
With traders and whales in perfect alignment, the odds appear to favor the bulls. As long as address activity and derivatives volume remain elevated, Sundog could extend its rally in the sessions ahead.
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- The recent surge of Sundog's price by 32.73% has been fueled by whale accretion, amassing over 69 million Sundog tokens worth $3.56M, causing a flurry in the crypto world.
- The rising volume and open interest in Sundog derivatives indicate that leveraged traders are betting on its near-term price continuation, as they see bullish potential in the crypto.
- As the MACD has shown a bullish crossover and the 9-day moving average has crossed above the 21-day moving average, indicators currently favor a bullish continuation for Sundog, pointing towards a potential breakthrough of the resistance level at $0.079 and a possible path toward $0.12.
- The increased activity in zero balance wallets, active addresses, and new address counts suggests a broader increase in user engagement, giving Sundog's price action support from a fundamental standpoint.
- With stronger rallies potentially ahead, technical analysis and fundamental metrics suggest that Sundog could continue its rally in the upcoming trading sessions, as long as address activity and derivatives volume stay elevated.
