Is It Too Late to Buy SUNDOG? Sundog Price Surges 38% as Token Launches Soar

The sundog price has skyrocketed by 38% in the last 24 hours to trade at $0.2462 as of 5:56 a.m. EST, on a 4.1% surge in trading volume to $39 million. The market cap is now at $249 million. SUNDOG quickly gained popularity among crypto meme coin traders following Justin Sun’s announcement of the SunPump launch. Since its debut, SunPump appears to have captured a significant portion of pump.fun’s market share, a comparable token generator built on Solana.

Initially, there were concerns that the excitement surrounding the platform’s launch would quickly die down. However, this hasn’t happened. Instead, it seems that SUNDOG might be on track to become the first billion-dollar Tron meme coin, as predicted by the billionaire blockchain founder.

$SUNDOG just wicked to $325m mcap 🔥🔥🔥

6x in three days lol. Follow the money, follow liquidty. @justinsuntron doesn't disappoint. Strong native token, strong flagship meme.

To the sun! ☀️ pic.twitter.com/5GcDJ8i4ES

— ANBESSA (@Anbessa100) August 19, 2024

Meanwhile, Sundog’s remarkable performance has led to a sharp increase in the number of tokens launched on SunPump. On August 18, there were fewer than 6,000 meme coins on Tron. However, according to Dune Analytics, that number has since surged to 13,815. If this trend continues, more liquidity could shift from Solana’s pump.fun to SunPump, potentially driving up demand for TRX and SUNDOG.

SUNDOG Statistics

• Sundog price: $0.2462
• Market cap: $249 million
• Trading volume: $39 million
• Circulating supply: 1 billion
• Total supply: 1 billion

Sundog Price Indicates a Bullish Trend Continuation 

The Sundog price indicates an upward trend continuation. However, bears seem to have regained control after reaching the $0.2636 resistance level, leading to the formation of a double top, indicating an upcoming bearish reversal. This will lead to a lowering of the Sundog price.

Sundog price is currently trading above the 50-day and 200-day simple moving average (SMA). This is about to change soon since the price is also seen dropping, approaching the 50-day SMA so as to surpass it. As soon as Sundog’s price crosses below the 50-day SMA, it could break below the 200-day SMA, weakening the crucial support levels that were supporting the bullish momentum.

The relative strength index (RSI) also indicates the possibility of a bearish outlook. The RSI is currently dropping swiftly to drop below the 50-midline level. Suppose the RSI manages to cross below the 50-midline level, the chances of a bearish outlook. Furthermore, if the bears continue to be in charge, they will be heading to the 30-oversold level, which will lead to the formation of a new all-time low (ATL).

Additionally, moving average convergence divergence (MACD) positively supports the possibility of a bearish crossover. The red histogram has recently started increasing in size and number. Also, on the other hand, the orange signal line has managed to cross over the blue line of MACD, indicating an upcoming bearish rally.

Sundog Price Prediction

If the bears maintain their dominance, Sundog’s price could potentially drop below the 50-midline level on the RSI, signaling further bearish momentum. Should the price fall below the 50-day Simple Moving Average (SMA), the bears may target a decline toward the $0.1702 support level. A move to this level would further strengthen the bearish outlook.

Conversely, if the bulls manage to regain control of the market, they could drive the price back up towards the key resistance level of $0.2636. A successful push to this level would suggest a bullish reversal, potentially setting the stage for further gains.