While other meme currencies come and go, Dogecoin and Dogwifhat continue to rule the market. However, investors are moving elsewhere in search of higher returns since the coins are losing part of their allure due to worries about inflation and usefulness. Many have found DTX Exchange (DTX), a brand-new presale coin that claims to transform the cryptocurrency market with gains of 100x.
DOGE is reportedly testing a key resistance level, and the Relative Strength Index (RSI) is showing a bullish divergence, according to World of Charts. Should this work, DOGE’s price might soar beyond $0.30, representing a possible rise of over 100% from where it is now.
WIF has risen more than 30% in the past week resulting in bullish momentum
WIF is now trading at $2 after gaining 12.5% during the previous day. After hearing about the rate drop last week, the meme currency saw positive swings after nearly a month of struggles around the $1.5 mark.
Many cryptocurrency traders anticipate that Dogwifhat will capitalize on the present trend to start a long-term upswing toward all-time highs.
In a post on X on September 24, an altcoin analyst stated, “$WIF is slowly climbing, and we have been silently accumulating it since support last month.”
The price of Dogwifhat, according to technical analyst Crypto Jobs, is breaking out of a 180-day falling wedge, with $1.98 and $2 acting as important resistance levels to keep an eye on.
The memecoin is now receiving support from the collapsing wedge’s $1.75 declining trend line. Between September 22 and September 23, the relative strength index increased from 53 to 66, indicating that buyers were controlling the market.
Notably, WIF has turned important levels into support during its most recent surge, which are located around $1.70, $1.80, and $1.85, respectively. If more buyers enter these buyer congestion zones, Dogwifhat (WIF) should rise toward the bullish goal of the current chart pattern, which is $2.55.
DOGE miners decrease the selling pressure for massive gains
DOGE miners have earned almost 280 million DOGE in the last 50 days. This enormous stockpile, which is now estimated to be worth $25 million, demonstrates that cryptocurrency miners would rather hang onto their holdings than sell them right away. This pattern of accumulation can indicate optimism in DOGE’s potential worth.
The technical analysis of Dogecoin’s weekly chart reveals favorable indicators. According to the technical indications, DOGE could be about to go through a boom period like those seen in earlier cryptocurrency market cycles. The miners’ continuous accumulation and the lessening of selling pressure may be the driving forces behind this expansion phase. For DOGE holders, this decrease in the selling pressure from DOGE miners is a positive step.
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