Dogwifhat Price Analysis
What’s Ahead for Dogwifhat Price After a 60% Weekly Surge?
Published
4 months agoon
By
adminThe market sentiment of crypto investors has changed drastically in the last two weeks. In early July, when Bitcoin traded at $55000, the traders feared for more correction but now the calls for a new high emerged. Amid the renewed recovery, the Dogwifhat price outperformed most of the major altcoins with a notable 60% jump since last week. Will this recovery extend or are sellers waiting to strike at a higher level?
Dogwifhat Price Eyes $4 Rally as Futures Open Interest Doubles
The Solana-based memecoin Dogwifhat showcased a nearly upright rally in the past two weeks. After the prevailing correction bottomed at $1.50 support, the coin price rebounded 86% to trade at $2.78, while the market cap surged to $2.78 Billion.
This rally, driven by the broader market recovery and a double-bottom reversal pattern, has successfully reclaimed the daily Exponential Moving Averages (EMAs) for the 20, 50, and 100-day periods. On July 18th, the WIF price breached the $2.36 neckline of the double bottom pattern, offering an early sign of trend recovery.
According to data from Coinglass, the Dogwifhat price recovery coincided with a significant rise in Futures Open Interest, escalating from $194.26 million to $389.6 million—a substantial increase of approximately 100.56%. This significant growth in Open Interest indicates a strong influx of capital and heightened trading activity, underscoring a bullish sentiment among investors.
The rising slope of the ADX indicator, currently at 26%, suggests that the asset is not overbought, indicating that buyers have the potential to propel the recovery further.
With sustained buying, the Dogwifhat price can rise 18% before it challenges the major resistance of a falling channel pattern. While the ADX indicator has indicated the potential of a prolonged rally, a directional rally with no breaks is unstable.
Therefore, the WIF price is poised for a minor pullback, possibly to the 20-day EMA, to recuperate the buyer’s strength before the channel breakout.
The two parallel trendlines of the channel have carried a steady correction in the Dogwifhat coin since April 2024. A potential breakout from this channel pattern is necessary to signal uptrend continuation.
Key Takeaway
Meme cryptocurrencies, known for their volatility and appeal to speculative traders, frequently respond energetically to emerging market trends. This pattern was recently exemplified by the Dogwifhat coin, which surged 60% during the ongoing market recovery. Although the WIF price might experience some interim pullbacks, technical analysis suggests the likelihood of a sustained rally
Frequently Asked Questions (FAQs)
A rise in Futures Open Interest indicates an increase in the number of outstanding futures contracts that have not been settled. This typically suggests heightened trading activity and investor interest.
The ongoing recovery in Dogwifhat’s price demonstrates strong momentum from buyers aiming to reach a new high. However, minor pullbacks are necessary to regain buyer strength before buyers breach channel pattern to prolong bullish trend.
A rising slope of the ADX (Average Directional Index) indicator signifies an increasing trend strength. It doesn’t indicate the direction of the trend but rather the momentum behind it.
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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Dogwifhat (WIF)
Analyst Signals Bottom for Dogwifhat Price as WIF Eyes $3 with Bullish Support
Published
1 week agoon
October 28, 2024By
adminThe crypto market witnessed a sudden pump during Sunday’s low volatility as Bitcoin headed back to $70,000. Amid the renewed bullish sentiment for the Quater 4 rally, a crypto analyst highlights potential bottom formation in Dogwifhat price with key technical indicators, proposing a reversal opportunity.
By press time, the WIF price traded at $2.5 with an intraday gain of 5.75%. Conservatively, the asset market cap rallied to $2.5 Billion.
Analyst Predicts Bottom for Dogwifhat as WIF Targets $3 on Bullish Momentum
In a recent tweet, analyst Bluntz highlights a bullish outlook for the dog-themed meme coin Dogwifhat, studying the WIF/SOL pair. The layer-1 cryptocurrency Solana has showcased substantial bullish momentum as the crypto market is gradually adopting the Q4 rally.
While the SOL’s strength could boost the top memecoin under its umbrella, the Dogwifhat (WIF) caught the analyst’s attention as a promising candidate for a potential breakout.
According to Bluntz, the WIF/SOL pair appears to be bottoming out on the 4-hour chart. He notes a “5 down” wave pattern, a common signal for the end of a correction phase, accompanied by significant divergence.
This setup, particularly with the heavy divergence, suggests a possible trend reversal for the Dogwifhat price.
WIF Price Analysis Signal 1.5% Surge Before Key Breakout
In the past two weeks, the WIF price has showcased a steady downtrend from $2.97 to $2.1 low, accounting for a 26% loss. This bearish turnaround resonating strictly within two downsloping trendlines reveals a bull flag pattern formation.
Theoretically, this chart setup is characterized by a long ‘Pole’ representing the dominating trend and a ‘Flag’ portion to display temporary correction. This retracement holding its position above the 50-day exponential moving average accentuates a health pullback for the next leap.
Currently, the Dogwfihat price trades at $2.48, standing 1.5% away from challenging the flag resistance. A potential breakout from the overhead trendline will give buyers sufficient support to drive a higher recovery.
The post-breakout rally could drive the asset 32% up to challenge the $3.3 high.
On the contrary, if crypto sellers continue to defend the flag resistance, the dogwifhat could witness renewed selling pressure and drive an extended consolidation.
Frequently Asked Questions (FAQs)
The analyst signals a bottom formation for Dogwifhat and predicts a potential breakout, targeting $3 as WIF gains bullish momentum amid a broader Q4 rally.
Currently trading at $2.48, WIF stands 1.5% away from breaking the bull-flag resistance. A breakout could push the price up by 32%, potentially reaching $3.3.
Dogwifhat is forming a bull-flag pattern, characterized by a downward-sloping “Flag” after a strong “Pole” rally
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Dogwifhat Price Analysis
Why Selling These 3 Altcoins Before November Is a Stupid Decision
Published
2 weeks agoon
October 23, 2024By
adminThe crypto market is gradually embracing a bullish sentiment in Q4, with Bitcoin on the verge of a breakout toward $70,000. Amid this renewed momentum, selling these three altcoins now could be a missed opportunity for investors as they are poised for a prolonged rally in November.
Why Dumping These 3 Altcoins Before November Might Be a Big Mistake
The altcoin market has started gaining momentum for a Quarter 4 rally as Bitcoin triggered renewed recovery sentiment after a $60,000 rebound. Meme cryptocurrencies, known for their dynamic reactions to market shifts, tend to experience sharp moves during such rallies, often outperforming traditional altcoins in the short term. Among the top meme coins, Dogwifhat (WIF), Goatseus Maximus (GOAT), and SPX6900 (SPX) stand out as must-hold assets.
Altcoins- Dogwifhat (WIF)
In the last 10 weeks, the Solana-based meme coin Dogwifhat showcased a notable recovery from $1.07 to $2.97— accounting for 177% growth. However, the coin price recently retraced to $2.4 to recuperate the bullish momentum, while the market cap fell to $2.41 Billion.
According to Coinglass data, the WIF OI-Weighted funding rate remains positive at 0.0082%. This suggests that long positions are still willing to pay a premium to hold their trades, indicating that traders maintain a bullish outlook despite short-term price corrections.
Thus, the WIF price is better positioned to form a fresh higher low and drive a recovery past $3.
Goatseus Maximus (GOAT)
Goatseus Maximus (GOAT) is an AI-generated meme-cryptocurrency that quickly gained crypto investors’ attention due to its high momentum and viral nature.
According to Lookonchain data, a crypto trader stupidmoney.sol sold his entire 15.15M GOAT 9 days ago, turning their 5 SOL( worth approx $727) into 15,883 SOL( worth 2.44M). However, the GOAT price extended its recovery to reach $0.69 now while boosting a market cap of $695.47 Million.
If the trader has held its current position, his profit would be more than $10M.
Will stupidmoney.sol regret selling $GOAT too early?
He sold all 15.15M $GOAT 8 days ago, turning 5 $SOL($727) into 15,883 $SOL($2.44M), a huge gain!
But if he had held on until now, his profit would be more than $10M!https://t.co/bVF7he12N0 pic.twitter.com/2lh0yt0b6j
— Lookonchain (@lookonchain) October 23, 2024
Unlike other altcoins, Goatseus Maximus continues to show strong recovery momentum with no signs of slowing down, making it a foolish decision to sell this asset at this stage.
SPX6900 (SPX)
SPX6900 (SPX) is an Ethereum-based meme coin that parodies the S&P 500, currently trading at $0.79 and a market cap of $731 Million. Over the past two weeks, the SPX price has traded sideways, resonating within two converging trendlines of a bullish pennant pattern.
Theoretically, the chart setup drives a short-term consolidation for the prevailing trendline to regain momentum. If true, the meme cryptocurrency is poised for a 6.6% jump before offering a major breakout from the pattern’s key resistance.
A potential breakout will accelerate the bullish momentum for a rally past $2.
Conclusion:
Selling WIF, GOAT, and SPX6900 before November could be a missed opportunity as these altcoins show strong bullish patterns and market data suggest potential for higher rallies.
Frequently Asked Questions (FAQs)
Investors should avoid selling these altcoins as they are positioned for a potential rally in November. WIF, GOAT, and SPX show strong bullish patterns and positive derivative market data, indicating a likelihood of higher price surges.
The positive OI-Weighted funding rate for WIF, currently at 0.0082%, suggests that long positions are still paying a premium to hold their trades
The pennant pattern in SPX6900 suggests that the asset is in short-term consolidation, likely preparing for a breakout.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Dogwifhat Price Analysis
Dogwifhat Price Eyes 50% Surge As Buyers Break 190-Day Resistance
Published
1 month agoon
October 8, 2024By
adminThe Solana-Meme cryptocurrency Dogiwfhat surged 5.4% on Monday’s market uptick, hitting a two-month high of $2.77. The bullish momentum was bolstered by the WIF buyer’s attempt to break past a 190-day resistance and a significant spike in future open interest (OI). Will Dogwifhat price lead the meme coin rally in October?
Dogwifhat Price Eyes Massive 50% Surge as Key 190-Day Barrier Falls
In the last 4-days, the Dogwifhat price sharply rose from $2 to $2.7, recording 34% growth. Consequently, the altcoin market cap boosted to $2.67 Billion. This price jump undermined the bearish pullback triggered by the Israel-Iran war and breached the $2.5 level.
An analysis of the daily chart shows the two converging trendlines drove a steady 6-month correction, which pushed the price to a low of $1 in early August.
This, the wedge pattern Breakout signals a major trend reversal for Dogwifhat price. If the demand pressure persists, the buyers could drive a 54% rally to chase $4.08 before challenging the peak of $4.86.
A potential bullish crossover between the 50-and-100-day exponential moving average would accelerate the recovery momentum and bolster a sustained rally.
Check out the article on top meme coins to buy for a detailed analysis
WIF Price Ends 190 days for Trend Reversal
According to Coinglass, WIF open interest has surged dramatically since mid-September, rising from $195.7 million to $370 million, reflecting an impressive 89% growth. This sharp increase in open interest indicates growing participation in the WIF futures market, suggesting a substantial buildup of positions by traders anticipating significant price movements in the near future
.Average Directional Index, ADX, at 28%, is poised in the overbought region. However, the momentum indicator Average Directional Index, at 28%, is poised to enter the orbought region.
Typically, this ADX high value indicates the buyers will soon hit exhaustion and could require a buyer for back to recuperate the bullish momentum. However, if the dogwifhat price breaks below $2, there’s a good chance of a notable crash to $1.
Frequently Asked Questions (FAQs)
Yes, Dogwifhat price is positioned for a potential 50% rally following the breakout of the 190-day resistance, driven by increased buying momentum and rising futures open interest.
Dogwifhat’s price has surged due to a bullish pattern breakout, a record surge in futures open interest, and the buyers’ success in breaking past a 190-day resistance, signaling a potential 50% price rally.
The Average Directional Index (ADX) at 28% suggests that buyers may soon face exhaustion, signaling a potential pullback
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
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