The Solana-Meme cryptocurrency Dogiwfhat surged 5.4% on Monday’s market uptick, hitting a two-month high of $2.77. The bullish momentum was bolstered by the WIF buyer’s attempt to break past a 190-day resistance and a significant spike in future open interest (OI). Will Dogwifhat price lead the meme coin rally in October?
Dogwifhat Price Eyes Massive 50% Surge as Key 190-Day Barrier Falls
In the last 4-days, the Dogwifhat price sharply rose from $2 to $2.7, recording 34% growth. Consequently, the altcoin market cap boosted to $2.67 Billion. This price jump undermined the bearish pullback triggered by the Israel-Iran war and breached the $2.5 level.
An analysis of the daily chart shows the two converging trendlines drove a steady 6-month correction, which pushed the price to a low of $1 in early August.
This, the wedge pattern Breakout signals a major trend reversal for Dogwifhat price. If the demand pressure persists, the buyers could drive a 54% rally to chase $4.08 before challenging the peak of $4.86.
A potential bullish crossover between the 50-and-100-day exponential moving average would accelerate the recovery momentum and bolster a sustained rally.
Check out the article on top meme coins to buy for a detailed analysis
WIF Price Ends 190 days for Trend Reversal
According to Coinglass, WIF open interest has surged dramatically since mid-September, rising from $195.7 million to $370 million, reflecting an impressive 89% growth. This sharp increase in open interest indicates growing participation in the WIF futures market, suggesting a substantial buildup of positions by traders anticipating significant price movements in the near future
.Average Directional Index, ADX, at 28%, is poised in the overbought region. However, the momentum indicator Average Directional Index, at 28%, is poised to enter the orbought region.
Typically, this ADX high value indicates the buyers will soon hit exhaustion and could require a buyer for back to recuperate the bullish momentum. However, if the dogwifhat price breaks below $2, there’s a good chance of a notable crash to $1.
Frequently Asked Questions (FAQs)
Yes, Dogwifhat price is positioned for a potential 50% rally following the breakout of the 190-day resistance, driven by increased buying momentum and rising futures open interest.
Dogwifhat’s price has surged due to a bullish pattern breakout, a record surge in futures open interest, and the buyers’ success in breaking past a 190-day resistance, signaling a potential 50% price rally.
The Average Directional Index (ADX) at 28% suggests that buyers may soon face exhaustion, signaling a potential pullback
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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