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The Dogwifhat price soared 22% in the last 24 hours to trade at $0.7633 as of 04:04 a.m. EST on trading volume that skyrocketed 45% to $1 billion.
Dogwifhat Price Analysis: Potential Reversal After Downtrend?
The WIF price has been in a clear downtrend since late 2024, forming a descending channel pattern.
This bearish structure has dominated the market, leading to lower highs and lower lows. However, the recent Dogwifhat price action suggests a possible breakout attempt.
WIF price has broken above the upper boundary of the falling wedge, a classic reversal pattern indicating a potential bullish reversal.
Additionally, the presence of the 200-day Simple Moving Average (SMA) (purple line) at $1.9816 and the 50-day SMA (green line) at $0.9636 highlights key resistance zones. The price of WIF is currently attempting to reclaim the 50-day SMA, which could confirm the start of an upward trend if it holds above this level.
A breakout from the falling wedge, suggests that bulls are attempting to regain control.
The Relative Strength Index (RSI) is currently at 51.63, slightly above the neutral 50 level. This indicates a shift from bearish to neutral momentum. Previously, RSI was oversold (below 30), suggesting that selling pressure had been exhausted, which often precedes a reversal. If the RSI moves above 60, it would further confirm bullish strength.
The Moving Average Convergence Divergence (MACD) histogram is showing signs of a potential bullish crossover, with the MACD line (-0.0730) crossing above the signal line (-0.1167).
This is a strong bullish signal, often associated with the start of an upward trend. However, confirmation is needed with continued momentum above the zero line.
WIF/USDT Chart Analysis (Tradingview)
WIF Price Prediction – 200% Surge Incoming?
Given the breakout from the descending wedge, the bullish signals from the MACD, and the RSI recovering to neutral levels, WIF has a strong probability of entering a bullish phase.
The immediate resistance lies at $0.9636 (50-day SMA), followed by the psychological level of $1.00.
If buyers maintain control, the next major target is $2.27, representing a 201% upside potential from the recent breakout point.
On the downside, failure to sustain above $0.75 could result in a retest of the previous low at $0.50, invalidating the bullish scenario.
Meanwhile, investors are flocking to buy a new Solana project called Solaxy (SOLX), which the popular YouTube channel 99Bitcoins, with over 725K subscribers, says has the potential to soar 100X post-launch.
Solaxy Presale Closes On $25 Million
Solana’s rising popularity in DeFi and meme coins has pushed its network capacity to the limit, leading to slower transactions and occasional failures.
For example, amid the hype around the TRUMP and MELANIA meme coins in January, Solana’s network struggled to handle the surge in trading activity.
Solaxy is Solana’s first dedicated layer-2 scaling solution to tackle the network’s congestion issues, and has already raised over $24.8 million in presale.
It processes transactions off-chain and then settles them on Solana’s mainnet, a model that has proven successful on Ethereum through platforms like Arbitrum and Optimism.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
By processing transactions off Solana’s main chain, bundling them together, and then submitting them to the mainnet for final verification, the system enhances efficiency.
Once launched, Solaxy will also provide a platform where developers can build decentralized applications or launch new tokens without compromising Solana’s layer 1 capabilities.
Solaxy also offers holders who stake its SOLX token a huge annual yield of 166%.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001652 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in a little more than 1 day to lock in the best deal.
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