What’s Ahead for Dogwifhat Price After a 60% Weekly Surge?

by

As a seasoned crypto investor with years of experience navigating volatile markets, I’ve seen my fair share of dramatic price swings and market sentiments. Two weeks ago, Bitcoin was trading at around $55,000, leaving many investors fearing more correction. However, the recent recovery has brought renewed optimism, and calls for a new high have emerged.

The attitude of crypto investors toward the market has shifted significantly over the past two weeks. Just a fortnight ago, Bitcoin was priced at around $55,000 and investors were wary of further corrections. However, recent developments have sparked optimism, with some predicting new record highs. Among the gains, Dogecoin stands out, surging by approximately 60% since last week. The question now is whether this upward trend will persist or if sellers are biding their time to enter the market at higher prices.

Dogwifhat Price Eyes $4 Rally as Futures Open Interest Doubles

What’s Ahead for Dogwifhat Price After a 60% Weekly Surge?

As a crypto investor, I’ve witnessed an impressive surge in the price of Dogwifhat, a memecoin based on the Solana network, over the past two weeks. After hitting a low point of $1.50, the correction appeared to have reached its bottom. From there, the coin’s price soared by 86%, reaching a trading value of $2.78. The market capitalization followed suit, skyrocketing to a staggering $2.78 Billion.

The recent rally in the WIF price can be attributed to the broader market upturn and a double-bottom reversal pattern. This development has resulted in the asset regaining its daily Exponential Moving Averages (EMAs) for the 20, 50, and 100-day periods as of July 18th. The WIF price broke above the $2.36 support level, which marked the neckline of the double bottom pattern, indicating a potential trend reversal.

Based on Coinglass’s statistics, the Dogwifhat price rebounded when Futures Open Interest surged, rising from $194.26 million to $389.6 million—a notable jump of around 100.56%. This substantial uptick in Open Interest implies a large infusion of funds and heightened market activity, suggesting that investors hold a bullish outlook on the asset.

What’s Ahead for Dogwifhat Price After a 60% Weekly Surge?

With an ADX indicator climbing up to 26% at present, this signifies that the asset is not yet showing signs of being overbought. Consequently, there’s a strong possibility for buyers to continue driving the price recovery forward.

If we maintain consistent purchases, the Dogwifhat price could increase by approximately 18% before encountering significant resistance from a descending trendline pattern. The ADX indicator suggests that this uptrend might persist for an extended period. However, such a strong rally without any reversals can be unstable and potentially unsustainable.

Based on current market trends, the WIF price may experience a brief decline towards its 20-day moving average, allowing buyers to regain strength prior to a potential breakout from the existing channel.

Since April 2024, the two trendlines running parallel to each other have kept the Dogwifhat coin on a relatively even course with consistent corrections. For the uptrend to continue, a rupture or breakout from this channel is essential.

Key Takeaway

As a cryptocurrency analyst, I’ve observed that meme coins, characterized by their volatility and attraction to speculative investors, often exhibit lively reactions to emerging market trends. A recent illustration of this pattern is the Dogewhats coin, which skyrocketed by 60% amid the ongoing market upturn. Although the Dogewhats price might encounter some temporary downturns, based on technical analysis, it seems plausible that a prolonged rally could ensue.

Read More

2024-07-22 15:38