Dogwifhat Price Eyes Massive 50% Surge as Key 190-Day Barrier Falls
- Barbara StreisandOriginal
- 2024-10-08 10:24:17410browse
The Solana-Meme cryptocurrency Dogiwfhat surged 5.4% on Monday's market uptick, hitting a two-month high of $2.77.
Solana-based meme coin Dogiwfhat (WIF) price surged 5.4% on Monday’s market uptick, hitting a two-month high of $2.77. A bullish breakout from a 190-day resistance and a significant spike in future open interest (OI) bolstered the bullish momentum. Is the Dogwifhat price set to lead the meme coin rally in October?
Dogwifhat Price Eyes Massive 50% Surge as Key 190-Day Barrier Falls
In the last four 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 six-month correction, which pushed the price to a low of $1 in early August.
This wedge pattern breakout signals a major trend reversal for the 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 (EMA) 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 Surges 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
The 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 overbought orbought region.
Typically, this high ADX value indicates the buyers will soon hit exhaustion and could require a buyer for back to recuperate the bullish momentum. Nevertheless, if the dogwifhat price breaks below $2, there’s a good chance of a notable crash to $1.
Frequently Asked Questions (FAQs)
1. Is Dogwifhat Price Poised for a 50% Surge After Breaking the 190-Day Resistance?
2. What is driving the recent surge in Dogwifhat’s price?
3. What technical indicators suggest a potential pullback in Dogwifhat price?
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