Sundog Price Eyes Breakout to $0.6 Amid New Staking Feature Launch

Sundog price has had remarkable price action since its launch, reaching over 339 million in the market cap. The meme coin jumped by 5.2% over the last 24 hours following the crypto market recovery instigated by Bitcoin and the news that the Bank of Japan (BOJ) has decided to keep its interest rates unchanged. Additionally, the newly launched Sundog staking could provide the juice needed to push the asset past the $500 million market cap.

New Staking on Sunbot Could Pump Sundog Price

Sundog holders can now stake their tokens on Sunbot for up to 60% APR, according to an official post on X.

The staking will run for 12 months, with web stakers earning slightly less than 54% APR. 

Staking is the practice of locking away tokens and earning an interest over time. It removes them from circulating supply, increasing demand and leading to a price increase. 

There is a total of 1 billion SUNDOG tokens, all in circulation. In comparison, the Solana price has a circulating supply of 468.5 million, almost all of which is staked. This has been a key contributor (aside from network usage) to its rapidly increasing price.

Sundog, a meme coin built on the Tron blockchain, has experienced over 370% surge in the last month. Sundog price today is $0.3355, an increase of 5% over the last 24 hours.

Why SUNDOG Price Could Reach $0.6

Sundog price has been consolidating for the past week, and in the context of the broader chart history, it could be preparing to break out of a bullish pennant. 

Derivative traders are privy to this information, as data from Coinglass shows an overwhelming amount of Long Liquidation Leverage, which means there are more Sundog longs than shorts.

This imbalance suggests bullish sentiment dominates the market because traders anticipate further upside potential for the asset.

The Sundog price chart shows the asset is trading within an ascending channel, indicating an upward trend. The channel is defined by two parallel trendlines guiding the price upwards over the time depicted.

Key Support and Resistance Levels

• $0.3552 – This is the immediate resistance level where the upper boundary of the channel meets recent price peaks.
• $0.31187 – The lower boundary of the ascending channel represents this support level. Additional dynamic support is provided by the moving average (green line), which seems to align closely with the channel’s lower edge.

If the channel holds and the trend remains bullish, a longer-term hold could benefit from further upward movements as the price could surge 53% to the $0.55 region. 

SUNDOG Price Analysis Chart

If the price sustains within the channel, entries on pullbacks to the lower channel line or dynamic support (moving average) may make great accumulation points. 

However, if Sundog price breaks below the channel, it could signal market weakness and prompt further drop to $0.22 and $0.13.

The post Sundog Price Eyes Breakout to $0.6 Amid New Staking Feature Launch appeared first on CoinGape.