Rally

Bitcoin

when

April

The 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? 
<h2 id="span-style-font-weight-400-dogwifhat-price-eyes-4-rally-as-futures-open-interest-doubles-span">Dogwifhat Price Eyes $4 Rally as Futures Open Interest Doubles</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/m/M01vZHE2.png" alt="BINANCE:WIFUSDT Chart " width="1946" height="893">
 <figcaption class="wp-caption-text">
 Dogwifhat Price| Tradingview
 </figcaption>
</figure> 
The Solana-based <a href="https://coingape.com/meme-coin/">memecoin</a> 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 <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">Exponential Moving Averages</a> (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 <a href="https://coingape.com/markets/can-dogwifhat-price-hit-by-august-as-bullish-sentiment-peaks/">Dogwifhat</a> 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. 
<figure id="attachment_208828" aria-describedby="caption-attachment-208828" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-208828" src="https://coingape.com/wp-content/uploads/2024/07/kjb.png" alt="Dogwifhat Futures Open Interest" width="1530" height="393" srcset="https://coingape.com/wp-content/uploads/2024/07/kjb.png 1530w, https://coingape.com/wp-content/uploads/2024/07/kjb-300x77.png 300w, https://coingape.com/wp-content/uploads/2024/07/kjb-1224x314.png 1224w, https://coingape.com/wp-content/uploads/2024/07/kjb-768x197.png 768w, https://coingape.com/wp-content/uploads/2024/07/kjb-150x39.png 150w" sizes="(max-width: 1530px) 100vw, 1530px">
 <figcaption id="caption-attachment-208828" class="wp-caption-text">
 Dogwifhat Futures Open Interest| Coinglass
 </figcaption>
</figure> 
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. 
<blockquote>
 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.&nbsp;
</blockquote> 
Therefore, the <a href="https://coingape.com/markets/dogwifhat-price-prediction-on-the-brink-of-2x-rally/">WIF price</a> is poised for a minor pullback, possibly to the 20-day EMA, to recuperate the buyer’s strength before the channel breakout.&nbsp; 
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. 
<h2 id="span-style-font-weight-400-key-takeaway-span">Key Takeaway</h2> 
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 
The post <a href="https://coingape.com/markets/whats-ahead-for-dogwifhat-price-after-a-60-weekly-surge/">What’s Ahead for Dogwifhat Price After a 60% Weekly Surge?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

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

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