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May 22, 2024
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Memecoins Regain Strength, DOGE Price Building Pressure, While dogwifhat Surges Above 15%

The post Memecoins Regain Strength, DOGE Price Building Pressure, While dogwifhat Surges Above 15% appeared first on Coinpedia Fintech News

The crypto space has become extremely volatile, with the cryptos experiencing major price variations in a very short time frame. The Bitcoin price, which was believed to slump below $60,000, just a few hours ago, has now rebounded and reached levels close to $65,000. However, this volatility sometimes does not remain in the favour of the markets, as clouds of uncertainty may prevail with the fear of a possible pullback. 

On the other hand, some altcoins continued to display strength much before the BTC price breakout. Toncoin is leading the top performer, while dogwifhat (WIF) price is following suit. The bears tried very hard to break down below $2.3, while the bulls printed massive bullish candles. The price is believed to break the descending pattern and a daily close above $3 may begin a fresh rise. 

The dogwifhat price has been maintaining a strong ascending trend in the past couple of days as the price is about to accomplish a double bottom pattern. Besides, the DMI is about to turn bullish, with +Di & -Di about to undergo a bullish crossover in the short term. Therefore, this bullish confluence is expected to elevate the levels to the first resistance at $3 and if the bulls display strength, a rise to $3.3 could be possible. 

While the newly launched token is making huge headlines, the Dogecoin price appears to be accumulating strength to trigger a healthy upswing. 

The daily chart of Dogecoin appears to be extremely bullish, as the price has been forming constant higher highs and lows. Meanwhile, the volume has dropped to a large extent and extreme compression leads to a major breakout. Therefore, the DOGE price is believed to consolidate for a while within a narrow range and trigger a strong rebound to reclaim crucial resistance at $0.17, which may eventually reach $0.2. 

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