Dogwifhat is back on the rise as weekend traders pour in fresh liquidity. It saw massive increases and reclaimed critical levels.
WIF is currently the top performing memecoin in the top 100s in the last 24 hours. It opened Saturday at $0.64 and shot up following a slight decline.
The spike in buying pressure saw the asset resume the previous day’s climb. It broke above the $0.70 mark and peaked at $0.71 a few minutes ago. Currently up by over 9%, the cryptocurrency nears its fourteen-day.
The latest price change comes after the bearish action on Friday. Nonetheless, it surged to a high of $0.72 after kicking off trading at $0.64. It faced massive rejections at the peak, retraced to a low of $0.63. The sudden change left many stunned. However, it reflects the general sentiment across the market.
The Bybit hack spread panic, causing a notable price decline across most crypto assets. The exchange has since quelled any uncertainty the cyberattack may have caused, and recovery is underway.
Data from Coinmarketcap shows a significant decline in trading volume over the last 24 hours. Nonetheless, price actions in the previous 245 hours show that bears are exhausted, resulting in a drop in selling pressure. The decline in sells met strong buying pressure.
A sweep across social media platforms shows that the latest increase the asset sees is due to a tweet from popular American rapper Ye. He recently announced his plans to launch a memecoin and has since garnered massive support from the crypto community.
The rapper recently reposted a post on X that suggested he use Solana for his launch. SOL and other tokens within its ecosystem have seen significant inflow since the post. Dogwifhat also saw a trickle of attention, causing the rising memecoin to surge.
Dogewifhat May Flip $1.
The one-day chart displays several bullish indicators. The relative strength index surged higher following the current day’s price actions. It indicates a massive spike in buying pressure, as it is at 38 from 32 the previous day.
It is worth noting that starting Jan. 25, dogwifhat became oversold. RSI slipped below 30 but reclaimed the mark on Feb. 14. It repeated the trend a few days ago. However, the selling pressure was less than the previous, indicating that the bears were exhausted. An oversold asset is due for massive buyback. The current 9% hike may be the start, as other metrics are positive.
The moving average convergence divergence shows the 12-day EMA edging upward amid the fluctuation in market dominance. This indicates that the bulls remain dominant in the long term.
The average directional index is in a downtrend after several days of an uptrend. This shows how strong the selling pressure and downward price movement were. However, its latest reading sheds a ray of hope.
Story Resumes Uptrend
Story has held the top of the trend table for most of the last seven days. It trended on CMC and Coingecko as it received a new listing. Currently trading on Coinbase and CEX, it sees tremendous volume, resulting in huge price changes.
IP gained a whopping 100% on Thursday but surged higher. It peaked at $7.99 after it started the day at $2.78. It lost 19% on Friday and has since resumed its uptrend, gaining over 5% in the last 24 hours.
