As a seasoned analyst with years of experience navigating the volatile cryptocurrency market, I’ve learned to read trends like a book and anticipate moves before they happen. After a thorough analysis of Dogwifhat’s price action, I believe we are on the verge of a massive surge that could see this meme coin lead the pack in October.
On Monday, the cryptocurrency DogiWhat experienced a 5.4% increase due to a market uptick, reaching a two-month peak of $2.77. The upward trend was strengthened by a WIF buyer’s effort to overcome a resistance that had been in place for 190 days and a substantial rise in future trading activity (Open Interest). Could the price of DogiWhat spearhead the meme coin surge in October?
Dogwifhat Price Eyes Massive 50% Surge as Key 190-Day Barrier Falls
Over the past four days, the Dogwifhat’s price surged significantly, climbing from $2 to $2.7. This represented a 34% increase in value. As a result, the total market capitalization of Dogwifhat grew to an impressive $2.67 Billion. This unexpected price hike contradicted the bearish trend that had been caused by the Israel-Iran conflict and broke through the $2.5 barrier.
Examining the day-to-day graph reveals that the two gradually approaching trendlines instigated a gradual 6-month adjustment, leading the price down to a minimum of $1 around early August.
The wedge formation in Dogwifhat’s price chart indicates a potential shift in the major trend direction. If buying pressure continues, it might trigger a surge of up to 54%, potentially reaching $4.08 and even testing the previous high of $4.86.
If the short-term (50-day) moving average crosses above the long-term (100-day) moving average, it could significantly boost the pace of recovery and strengthen a prolonged upward trend.
Check out the article on top meme coins to buy for a detailed analysis
WIF Price Ends 190 days for Trend Reversal
As per Coinglass reports, the Open Interest for WIF has seen a remarkable spike since mid-September. It started at $195.7 million and climbed up to $370 million, representing a substantial 89% growth. This notable surge in Open Interest signifies an escalating involvement in the WIF futures market, implying that traders are actively preparing for potential significant price fluctuations in the coming days.
The Average Directional Index (ADX) stands at 28%, indicating it’s currently in an overbought state. Meanwhile, as the ADX approaches 28%, it is preparing to move into the overbought zone based on momentum indicators.
Normally, a high ADX value suggests that the buyers might be nearing exhaustion and may need a new buyer to regain the bullish trend. But if the price falls below $2, it’s likely we could see a significant drop down to $1.
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2024-10-08 00:15