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The Dogwifhat price surged 8% in the last 24 hours to trade at $1.8191 as of 02:29 a.m. EST on trading volume that dropped 24% to $1 billion.
This comes as the meme coin space gained 11% in the last 24 hours, pushing the sector’s capitalization to $42 billion.
Dogwifhat Price To Sustain The Bullish Trend Reversal
The Dogwifhat price went on a downtrend from July 27 to Aug. 5, dropping within a falling channel pattern from the $2.7 resistance to the $1.13 support level, according to data from GeckoTerminal.
However, the bulls used the support level as a cushion, and pushed the price of Dogwifhat above the channel through a markup phase.
The Dogwifhat price now trades above the 50-day Simple Moving Average (SMA) but struggles to overcome the $2.0 resistance zone (200-day SMA).
Moreover, the Relative Strength Index (RSI) shows that the asset is currently has some backing from buyers, with the RSI rising from the oversold level to its current value at 59, as it closes in on the overbought region.
The Moving Average Convergence Divergence (MACD) is also rising above the neutral line, a signal of a continued uptrend. The blue MACD line also rose above the orange signal line, forming a bullish crossover, which further increases the bullish prospects of the token.
According to the Dogwifhat analysis, investors are currently buying as they push the WIF price above the falling channel. If this trend continues, the price of Dogwifhat could continue surging to overcome the $2.0 resistance, as the bulls target $2.5.
However, in an inverse scenario, if the bears take control of the price at this level, WIF could correct, with $1.35 acting as the immediate support level.
Meanwhile, as the WIF price surges, investors are also pumping funds into a Shiba Inu alternative called Shiba Shootout (SHIBASHOOT), which has amassed over $894K in its presale.
Shiba Shootout Presale Blasts Past $894K, Best Alternative To Buy Now?
Shiba Shootout draws its inspiration from the legendary meme coin titan Shiba Inu and takes its token holders on a journey into the crypto Wild West.
Saddle up! #ShibaShootout is more than a #memecoin it's a Wild West crypto adventure! 🐾💥
Join Marshal Shiba & the Sharpshooters in Shiba Gulch for fun and excitement. 🤠🚀 pic.twitter.com/a3BFVx7u42
— shibashootout (@shibashootout) July 1, 2024
The project goes beyond the conventional limits of meme coins, taking the holder on a captivating adventure filled with creativity, strategic gameplay, and the allure of a cowboy’s high-stakes showdown.
Master #Crypto strategy with #Shiba cowboys in thrilling duels for big rewards! 🌟 Join the adventure!
Sign up now to get your free $SHIBASHOOT tokens!
Jump in the fun! 🚀 https://t.co/jCeu7XMBqR pic.twitter.com/YjlGaaluBT
— shibashootout (@shibashootout) June 28, 2024
The game is built around the town of Shiba Gulch, a bustling digital settlement that is a favorite with Shiba lovers who come together to challenge each other.
It also features a play-to-earn (P2E) game that is already approved by Google Play and the Apple App Store, which will allow players to earn its $SHIBASHOOT token.
Apart from P2E crypto gaming in Shiba Gulch, $SHIBASHOOT holders can also easily earn passively through the platform’s staking mechanism, which offers an impressive 1,072% annual rewards.
According to the crypto channel 99Bitcoins, with more than 706k subscribers, investors who buy $SHIBASHOOT can earn “insane rewards.“
If you are interested in participating in the presale, you can buy the token for $0.0198. But hurry, as the price will increase in about four days.
You can buy $SHIBASHOOT tokens on the official website here using ETH, BNB, USDT, or a bank card.
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