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?

İçindekiler

Coingape News Media

22 Tem 2024 tarihli diğer yazılar

Solana Aims for $250 After 40% Jump

OKX Launches ‘OKX Racer’ Game for Bitcoin Price Predictions

AgroEknor launches Yieldpro; raises follow-on investment from Aruwa Capital Management

How to invest in Altcoins during the 2024 bull run and Ethereum ETF boom?

Hong Kong Launches Asia’s First Inverse Bitcoin ETF, Allowing Investors to Short BTC

Bitcoin Price Prediction: As Top Analyst Says BTC Is Headed To $110k, The 99BTC ICO Powers Past $...

Güncel kripto para haberleri için ücretsiz bültenimize abone olun!