The not too long ago launched Tron-based Sundog (SUNDOG) meme coin has garnered huge consideration from crypto fanatics and is poised for a major value rally, doubtlessly as a result of rising curiosity from whales. On September 14, 2024, the on-chain analytic agency Lookonchain made a put up on X (Beforehand Twitter) {that a} crypto whale spent $500,000 price of Tron (TRX) to buy 1.16 million SUNDOG tokens.
Whale Curiosity in SUNDOG
This huge buy comes after the crypto whale had purchased $2 million price of SUNDOG two days prior, as reported by CoinPedia.
Regardless of the large buy, SUNDOG stays secure and has not skilled a value surge much like the one on September 12, 2024, when it surged greater than 25%. At press time, it’s buying and selling close to $0.34 and has skilled a value decline of over 2.75% within the final 24 hours. Throughout the identical interval, its buying and selling quantity dropped by 11%.
This drop in buying and selling quantity is doubtlessly as a result of latest market correction following a gentle value surge throughout the cryptocurrency market.
SUNDOG Worth Prediction
In response to professional technical evaluation, SUNDOG is experiencing a value correction and would possibly stay bearish for a brief interval because it has skilled a value surge of over 85% previously week. Based mostly on SUNDOG’s latest value momentum, if it closes a day by day candle beneath the $0.331 degree, there’s a robust chance it may fall by 15% to the $0.288 degree within the coming days.
Bullish On-chain Metrics
Whereas, steady help from whales and traders could change SUNDOG’s bearish sentiment. In response to the on-chain analytic agency Coinglass, its future open curiosity is steadily rising indicating merchants and traders are on a shopping for spree.
Moreover, SUNDOG’s Lengthy/Quick ratio at present stands at 1.029, indicating bullish market sentiment amongst merchants. At current, 50.64% of high SUNDOG merchants maintain lengthy positions, whereas 49.36% maintain quick positions, suggesting that bulls are dominating the asset.
