Dogwifhat Price Prediction: WIF Pumps 8% As This SHIB Derivative Races Towards $1 Million
The Dogwifhat price surged 8% in the last 24 hours to trade at $1.8191 as of 02:29 a.m. EST on trading volume that dropped 24% to $1 billion.
This comes as the meme coin space gained 11% in the last 24 hours, pushing the sector’s capitalization to $42 billion.
Dogwifhat Price To Sustain The Bullish Trend Reversal
The Dogwifhat price went on a downtrend from July 27 to Aug. 5, dropping within a falling channel pattern from the $2.7 resistance to the $1.13 support level, according to data from GeckoTerminal .
However, the bulls used the support level as a cushion, and pushed the price of Dogwifhat above the channel through a markup phase.
The Dogwifhat price now trades above the 50-day Simple Moving Average (SMA) but struggles to overcome the $2.0 resistance zone (200-day SMA).
Moreover, the Relative Strength Index (RSI) shows that the asset is currently has some backing from buyers, with the RSI rising from the oversold level to its current value at 59, as it closes in on the overbought region.
The Moving Average Convergence Divergence (MACD) is also rising above the neutral line, a signal of a continued uptrend. The blue MACD line also rose above the orange signal line, forming a bullish crossover, which further increases the bullish prospects of the token.
According to the Dogwifhat analysis, investors are currently buying as they push the WIF price above the falling channel. If this trend continues, the price of Dogwifhat could continue surging to overcome the $2.0 resistance, as the bulls target $2.5.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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