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The Dogwifhat price pumped over 7% in the last 24 hours to trade $0.5951 as of 6:14 a.m. EST as investors go long on the altcoin.
Despite the recent gain, the WIF price is still down over 4% on the weekly time frame.
Dogwifhat Price Trying To Flip Resistance
4-hour chart for WIF/USD (Source: GeckoTerminal)
The Dogwifhat price has been in a positive sequence in the last few hours, printing higher highs and higher lows on the 4-hour chart, according to GeckoTerminal. Now, the meme coin is attempting to break above the resistance level at $0.6156. Should it close a 4-hour candle above this technical barrier within the next 12 hours, WIF could rise to as high as $0.7339.
In a more bearish scenario, the Dogwifhat price might end up testing the $0.4973 support if it gets rejected by the $0.6156 resistance. Continued pressure from sellers should the meme coin drop to this point could then lead to WIF falling to the subsequent support at $0.4063.
Technicals Suggest The Dogwifhat Price Might Keep Climbing
From a technical standpoint, indicators on WIF’s 4-hour chart suggest the Dogwifhat price might keep climbing. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flashing bullish.
During the past 24 hours, the MACD line crossed above the MACD Signal line. This technical event is usually seen as a signal that an asset has entered a positive trend. Additionally, the MACD line is breaking away above the MACD Signal line, which suggests WIF’s bullish momentum is picking up steam.
RSI readings have also risen from deep oversold territory to above the neutral 50 mark in the last 24 hours. While the rise in RSI values suggests growing buyer strength, the current reading above 50 indicates that bulls have a slight upper hand against bears. As such, buyers might continue to drive the Dogwifhat price higher.
As the Dogwifhat price tries to overcome technical resistance, investors are piling into the presale for another Solana meme coin called Solaxy (SOLX).
According to prominent YouTube channel 99Bitcoins, which boasts over 726K subscribers, SOLX has the potential to surge 10X after its launch.
Solaxy About To Give Solana Its Biggest Upgrade To Date
Solaxy is the first layer-2 scaling solution for the Solana network. Its timing could not be more ideal as congestion levels on the Solana blockchain reach concerning levels amid the soaring hype around SOL-based meme coins.
As the popularity of SOL meme coins shows no signs of cooling off any time soon, new tokens are likely to flood the ecosystem, worsening the situation and putting the Solana blockchain at risk of another outage.
Solaxy, with its native layer-2 chain and scaling technologies aims to reduce the computational pressure on Solana’s infrastructure. To do this, the project utilizes a proven scaling technology called rollups. Through this mechanism, the Solaxy network will take over a chunk of Solana’s transaction processing work.
Running in parallel to the layer-1 mainnet, Solaxy’s chain will bundle SOL transactions off of the Solana blockchain and only call on the mainnet for final verification and record keeping. This approach to transaction processing has helped Arbitrum and Optimism scale the Ethereum network.
Solaxy will also scale Solana by bridging it with the Ethereum blockchain. By combining Ethereum’s growing DeFi ecosystem with Solana’s speeds and low fees, Solaxy will unlock a super Web3 infrastructure capable of meeting the growing demands of meme coin and decentralized application developers.
Solaxy’s Presale Goes Parabolic As Investors Bet Big On The Project’s Future
Investors have already poured more than $23.7 million into Solaxy’s ongoing presale, signaling strong confidence in the project’s future.
The buying frenzy around the project is likely to continue given the attractive staking program open to presale investors. By getting in on the ground stage of Solana’s first layer-2, investors can gain access to a huge 171% annual return.
Interested investors looking to lock in the best rate will want to act fast because SOLX’s price will increase in a little more than 1 day.
Visit the Solaxy website here.
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