As a seasoned researcher with extensive experience in the crypto market, I’ve witnessed countless trends and cycles over the years. The recent comeback of meme coins, led by dogwifhat’s remarkable price surge, is an intriguing development that has caught my attention once again.
The price of Dogewifh has recovered significantly and is now trading in the positive territory, with a notable 20% hike and a robust 25% gain over the past week, reaching a value of $2.15.
The popular meme coins on the Solana network are gaining momentum, with dogwifhat taking the lead at a price of $0.00002625 following an 8% surge in value over the last day. Popcat, the third largest meme coin in the ecosystem, is thriving at $0.83 after a remarkable 16% increase within the same timeframe. Additionally, tokens such as BOME, MEW, MYRO, and $MICHI are also displaying impressive growth.
If the ongoing trend reversal persists this week, I firmly believe that Dogecoin‘s price may surge past the $1 billion market capitalization mark. This potential growth could potentially catapult Dogecoin into the esteemed top 20 cryptocurrencies by market cap, as suggested by CoinMarketCap data.
Dogwifhat Price Taps The Meme Coins Super Cycle
As an analyst, I’m observing that WIF bulls are leaving no stone unturned to establish their positions following the significant declines in June during the initial fortnight of July.
At a price of $1.5, a strong foundation was laid for the meme coin, propelling it to its current value of $2.15. From a short-term perspective, this level marks a potential double-bottom formation.
Traders expected a bounce back from $1.5 as the WIF price accumulated sufficient liquidity to break through the resistance levels at $2 and $2.5.
After experiencing a rise in its price over the past 24 hours, Dogwifhat presently hovers above two significant Exponential Moving Averages (EMAs). Specifically, it rests atop the 20-day EMA signified by the blue line and the 200-day EMA denoted by the purple line.
In simpler terms, the bulls are working to change the 50-day moving average into a short-term support level. This shift is essential for the market’s upward trend to persist in the near future. Consequently, a daily closing price above the current level might attract more buyers than sellers during this week.
At a price of $2.5, the heavy selling could be overthrown, potentially triggering a fear-of-missing-out (FOMO) surge aiming for the peak price of $4.85. For bulls to achieve a full break from the current bearish trend, they must first defeat the resistance presented by the descending trendline within the upcoming months.
Based on the Relative Strength Index (RSI) reading of 56, which is considered neutral, buy orders could potentially surge. Should the RSI continue to rebound towards the overbought region, there may be heightened interest in purchasing assets, with some investors betting on significant price recoveries leading to new record highs.
If the Relative Strength Index (RSI) moves beyond its bearish divergence, the most likely direction for the price is upward.
Despite some potential challenges ahead, it’s important to keep an eye on several crucial factors in the coming days. These include the 50-day Exponential Moving Average (EMA), the 20-day EMA, and the $2 level as potential areas of support. Should prices hold above these levels, a significant price increase for dogwifhat is likely to occur.
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2024-07-16 14:30