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Dogwifhat Reclaim Bullish Sentiment, Plots Way to $3.50

Dogwifhat is currently up by more than 14% over the last 24 hours. This represents continued attempts at recovery by the bulls after the asset lost over 20% in three days.

However, the uptick comes as no surprise as the entire crypto market is witnessing similar sentiment after Bitcoin surges on news that the tension in the Middle East is nearing its end. The fear of war is off the table as of the time of writing.

Aside from the prospect of peace the coin sector is enjoying. WIF is also experiencing more price surges and currently seats at the top of the gainers.

Fundamentals no doubt played a huge part in the memecoin’s latest feat. On Thursday, America’s largest crypto exchange announced it will add support for the asset on perpetual futures. The firm announced the traders will access the WIF-PERP on 25 APR 2024.

This is the first move by the trading platform to list the token. In reaction to the announcement, more traders were in the comment session calling for spot. Nonetheless, the perpetual listing will offer a notable boost in price.

In anticipation of this move, the dogwfihat community has started an active campaign to push prices to a new high. Over the last 24 hours, the asset saw a more than 60% surge in trading volume. If this trend continues, the memecoin is set for more price increases.

Dogwifhat Sets Sight at $3.50

The charts are printing bullish signals at the time of writing. The Moving Average Convergence Divergence for the first time since April 8 is halting its downtrend. As a result of the recent surge in price, the 12-day EMA is edging upwards and will intercept the 26-day EMA within the next five days if trends continue. Nonetheless, the current bullish signal is an indication of an impending uptick.

The Relative Strength Index is also printing a similar signal. It shows that bulls are at an advantage following the significant increase in buying volume. Due to this, it is at 49 and will return to equilibrium in the coming days. Plotting a line from the metric’s previous low shows an uptrend as the most recent low is higher, attesting to a possible continuation of bullish trend.

Using the pivot point to draw up key levels, it identifies $3.41 as a critical level. Based on the indicator, the asset must climb above this level before attaining notable stability in price and more sustained surges.

A return to this level will happen if the bulls continue to push prices. It is important to sustain the current trend to achieve this. Nonetheless, the current day exposed another key resistance at $3.10. Over the last six days, the asset failed to gain stability above it. If the bulls push price past this barrier, a return to $3.50 is almost certain.

Nonetheless, the pivot point suggests a possible drop $2. During last week’s decline, WIF tested this mark. The bears will continue their to pricees low. However, the bulls stage huge demand concentration at $2.26. Price action over the lasts six days hints that this trend of defending this support will continue.

In Other news

The global cryptocurrency market cap is up by almost 2% in the last 2% as the much anticipated Bitcoin halving started. In response, several altcoins are seeing notable price increases. One such is ICP .

Over the last 24 hours, it gained over 13% as trading volume surged by over 50%. The surge came as a shock to many as the asset was heading downhill before a rebound.  It dropped to a low of $11.7 but is exchanging at $14.3.

With indicators, MACD is printing buy signals. It is displaying an ongoing  bullish convergence as the 12-day EMA halts its decline and heading for its counterpart.

Gideon Geoffery