{"id":434460,"date":"2023-08-29T15:43:14","date_gmt":"2023-08-29T15:43:14","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=434460"},"modified":"2023-08-29T15:43:14","modified_gmt":"2023-08-29T15:43:14","slug":"sonic-price-prediction-hotdog-price-surges-are-there-other-options-to-consider","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/sonic-price-prediction-hotdog-price-surges-are-there-other-options-to-consider","title":{"rendered":"Sonic Price Prediction: HOTDOG Price Surges \u2013 Are There Other Options To Consider ?"},"content":{"rendered":"

The new meme coin inspired by the speedy blue hedgehog video game series Sonic (HOTDOG) is green today, increasing over 30% in the last 24 hours.<\/span><\/p>\n

The asset’s price movement on August 28 was remarkable as it appeared among the top crypto gainers, with a  74% increase. <\/span>At 8:40 AM EST, HOTDOG traded at $0.01116, representing a <\/span>31%<\/span><\/a> 24-hour price gain. <\/span><\/p>\n

HOTDOG hit an all-time high of $0.01142 on August 27 before briefly surrendering to the bears and declining by 9%. However, its ongoing price action suggests the token may record a new ATH in a few days. <\/span><\/p>\n

Sonic HOTDOG Token Impresses Investors with Massive Rallies; Time to Buy More?<\/h2>\n

Sonic (HOTDOG) has bucked the bearish trend in the cryptocurrency market in the past few days. After trading flat between August 23 and 27, HOTDOG met a sharp spike, climbing to an all-time high of $0.01142. Though with a few pullbacks, it recorded an over 23% seven-day price gain.<\/span><\/p>\n

Given these impressive gains, Sonic is up over 785% from its all-time low of $0.001173, recorded on August 23. These price movements raise questions among traders as many wonder whether to make a buy move in anticipation of more gains or a sell move to take profit for fear of future downturns. However, the following analysis will hint at possible future actions.<\/span><\/p>\n

HOTDOG Technical Analysis – Will Surge Continue?<\/h2>\n

The chart below shows HOTDOG has been moving in tune with the bulls since opening today’s trading session. <\/span>Meanwhile, the bears might be gathering momentum to take over HOTDOG’s price movement, as evident in the reversal candlestick in the chart.<\/span><\/p>\n

\"Sonic\"<\/p>\n

After trading below it for the past six days, HOTDOG now sits above the <\/span>Moving Average<\/span><\/a> Indicator, indicating a significant momentum shift as more buyers joined the market.<\/span><\/p>\n

Moreover, the market needs to retest the Moving Average Indicator, providing a low-risk entry point for traders or investors. Should such occur, HOTDOG might rally toward the previous supply zone at $0.011, representing a slight increase of over 18%.<\/span><\/p>\n

HOTDOG has a <\/span>Relative Strength Index<\/span><\/a> (RSI) of 58, approaching the overbought zone. This move depicts a weakening of the previous bearish momentum, and buyers dominate the market.<\/span><\/p>\n

Also, the MACD is above the signal line, with green histogram bars demonstrating the prevailing buy pressure. These signals suggest a positive outlook for HOTDOG, with the possibility of more price increases before the day ends. <\/span><\/p>\n

However, it’s important to note that market conditions can change rapidly, and careful analysis is crucial before making any trading or investment decisions.<\/span><\/p>\n

Potential Retracement Before Impulsive Move?<\/h2>\n

\"Sonic\"<\/p>\n

The above chart demonstrates an attractive market condition for HOTDOG. The Fair Value Gap (FVG) analysis suggests a breakout possibility at the point where HOTDOG recorded market imbalances. <\/span><\/p>\n

HOTDOG has already broken above the FGV zone, suggesting an overvalued market condition, a position that might slow down the ongoing rally in the short term. However, a continuous bullish trend is possible if the price stays above the FVG but slower than the previous strides.<\/span><\/p>\n

However, a breach below the FVG could signal an undervalued condition, an attractive point for investors looking to buy the dip, a move that could hold against further drops. The “support level” highlighted with a yellow circle ($0.0062) is a safety zone that could keep the price from falling and a possible entry point for traders.<\/span><\/p>\n

But remember that these are just projects, and the market can suddenly deviate from the touted direction. <\/span><\/p>\n

HOTDOG Trends Might Be Bullish Sentiment<\/b><\/h2>\n

HOTDOG has been making waves on CoinMarketCap’s <\/span>most viewed cryptocurrencies<\/span><\/a> and Twitter’s <\/span>trending topics<\/span>. As a result, the coin has managed to capture the interest of a broad audience, extending beyond the traditional crypto sphere. <\/span><\/p>\n

Its presence on CoinMarketCap and Twitter indicates a potent combination of market activity and social buzz, high optimism, and bullish sentiment among traders and enthusiasts.<\/span><\/p>\n

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You don't miss $HOTDOG<\/a> for sure. https:\/\/t.co\/eT9GyNNmCT<\/a><\/p>\n

— HOTDOG (@hotdogERC) August 28, 2023<\/a><\/p><\/blockquote>\n