Huge Activity In SUNDOG Derivatives: What’s Going On With Price?

• In the last seven days, the SUNDOG price advanced by 23%.
• The Sundog token’s price sentiment was bullish, as per Coincodex.

The SUNDOG (SUNDOG) price showed a massive price movement, advancing by 390% in the last 1 year. This advancement happened despite the fear among investors, as indicated by the fear and greed index in the token being at 33.

SUNDOG Crypto Market Cap Up by 19.4%

The SUNDOG crypto market cap advanced by 19.4% in the last 24 hours. It resulted in a market cap value of $317.64M, ranked #211 in the global crypto market.

Following the surge in market cap, the token’s traded value witnessed a slight advance of 0.85%. This showed a strong demand for tokens among investors in the global crypto market.

The SUNDOG crypto volume/market cap ratio was 43.65%, as the value of the traded volume was worth $140.269M. The token can be easily bought and sold in different market conditions.

The market cap dominance of the SUNDOG token was 0.02%, and its Total Value Locked declined to $13.3K. Also, the token’s 37.82% of the market cap was staked, valuing $316.86M, and its liquidity was worth $3.75M.

Traders Showed Huge Interest In SUNDOG Derivatives

A strong surge of 225% in the token’s derivatives volume was recorded, resulting in a value of $76.23M. Despite this, the token’s spot volume change was very low, showing traders’ strong interest in derivatives.

The number of open positions in the SUNDOG derivatives also advanced by 43% in the last 24 hours. It resulted in a value of $19.17M. This showed confidence among token traders for a particular direction.

The liquidation chart in the token showed huge short liquidations valuing $279.86K. Against this, longs worth $2.14K were liquidated. This showed the bulls’ dominance in the SUNDOG price as a larger number of short positions were liquidated.

Strong Momentum in SUNDOG Price Driving It To Higher Levels

The SUNDOG price chart showed the overall price structure to be very strong and bullish.

Following a strong uptrend since launch, the SUNDOG price advanced by 650%. Additionally, the token price was down by only 3.7% from its all-time high price, achieved just 15 days ago.

Additionally, the token price witnessed a profit booking for two months. The following behavior led to the formation of a falling wedge pattern. The SUNDOG token price further broke above the falling wedge pattern and advanced 30% since the breakout.

This exhibited robust behavior in the price, showing that the price might continue to advance to higher levels.

Technical Indicators Following The Bulls Indicating Strength In Price

The 20-day and the 50-day EMAs traded in a golden cross, and the SUNDOG price traded 17% above the 20-day EMA. This exhibited strong bullish behavior regarding the token price.

SUNDOG/USD Chart by TradingView

The MACD and the signal line have traded in a golden cross. Following this, the metrics were sustained in the bullish trajectory. The histograms on the charts were also bullish, showing assertive price behavior.

The RSI advanced to the level of 80.6 at press time, and it also broke out above the 14-day SMA. It also followed a strong bullish cycle, trading in an overbought zone.

The SUNDOG token price might take support at $0.20 and $0.230. It was followed by resistance levels of $0.350 and $0.40.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.