Dogwifhat is on an uptrend as buying volume surges. On-chain data suggests the community is the main driving force behind the most recent trend.
An indication of this is the over 22% increase in trading volume over the last 24 hours. Current price performance suggests that most of the volume came from buying activities. Nonetheless, the excitement continues on social media, with many calling for more pumps.
The current-day price movement astounded many. The asset opened trading at $2 but saw massive buying pressure, increasing prices. It broke the $2.20 resistance and continued upwards, peaking at $2.25.
The massive 11% gain has renewed hopes that it will return to July’s high. With most investors bullish, the most recent surge may continue. Some are calling for the asset to climb to $3. Will it?
Dogwifhat Faces Uncertainty.
The altcoin is seeing massive gains but faces serious uncertainty. Traders are unsure how prices will play out for two reasons. The first is that the uptrend is volume-induced. Questions of when the bullish sentiment will fade weigh on their minds. It is also worth noting that the most recent surges are not peculiar to Dogwifhat, as other assets are on the rise.
The second reason for the uncertainty is the one-day chart. Two indicators hint at some bearish trends ahead. One such indicator is the Bollinger bands. The cryptocurrency is currently exchanging above the upper bands. Historically, this action may mean the end of the current uptrend. There’s a high chance this may play out in the coming days.
The second indicator is the relative strength index (RSI). Currently at 72, it means the asset is overbought, which means it is due for corrections. If the uphill movement continues, the RSI may hit 80, causing fear of a massive decline. It is also worth noting that the candle representing current price action shows a wick sticking to the top as WIF faced rejections at $2.30.
In the Coming Days
Other indicators are bullish in reaction to the most recent price performances. For example, the momentum indicator shows that the bulls are still for more increases. The ADX also points to a notable strength behind the push.
WIF is currently trading above its first pivot resistance at $2.11. WIF may continue the surge if the buyers keep up the pressure. It could send close to its second pivot resistance at $2.71. Nonetheless, previous price movements suggest that the price may linger around $2.40 for this to happen.
On the other hand, the R1 will not hold in the event of a trajectory change. Based on the negative indicators, prices may fall below $2 and slip as low as $1.60, the pivot point.
Nonetheless, Dogwifhat is not the only cryptocurrency looking to reclaim lost levels.
Worldcoin Eyes Further Surge
Some indicators point to WLD may resume the uptrend it previously experienced. However, the question is when?
The asset is currently printing a red candle. The latest action comes after it attempted the $2.20 resistance but failed to break it. Nonetheless, metrics like the relative strength index and Bollinger bands suggest an impending downtrend.
The cryptocurrency currently trades above the upper Bollinger Bands, a pattern that often signals the potential end of an uptrend. This scenario is likely to unfold in the coming days.
The second key indicator is the Relative Strength Index (RSI), which is 72. This suggests the asset is overbought and due for a correction. If the upward momentum persists, the RSI could reach 80, raising concerns of a significant downturn.
While the looming downtrend may lower prices, there are key levels to watch. One such is the first pivot resistance at $1.97. The mark was once a vigorous resistance; it remains to be seen if it will function as strong support. If the R1 fails, the price may sink to the pivot point at $1.66.
