Altcoins including meme coins face increasing headwinds as declines characterize charts on Thursday but dogwifhat price prediction holds bullish.
Investors beamed with enchanting hope for the start of the awaited bull run after the cryptocurrency market turned around this week. Bitcoin led the charge to $65,000, triggering a broader bullish wave. Meanwhile, dogwifhat price prediction reveals WIF is poised for an extended run likely to double its value in the coming weeks.
Meme coins have collectively slipped 3.2% based on CoinGecko data. Shiba Inu leads the correction with a 9% loss in 24 hours following news of a hacker siphoning more than 5 trillion SHIB from the Indian crypto exchange WazirX.
Dogecoin, Mog Coin, Bonk, and Brett are some of the other meme coins bleeding on Thursday. Despite the pullback, some coins in this segment still hold onto double-digit weekly gains like Popcat a with 77% increase, dogwifhat with 40%, and Pepe Coin with 30%.
Dogwifhat Price Prediction: WIF Gears Up For A Major Breakout
The leading Solana-based meme coin started this week’s trading on a positive note, rebounding from support at $1.5. As traders bought into WIF the price gained momentum to exchange at $2.37.
Several indicators back the uptrend starting with the 50-day Exponential Moving Average (EMA) at $2.19. Holding above this means buyers have an upper hand and that sentiment is bullish.
The Moving Average Convergence Divergence (MACD) backs the uptrend after confirming a buy signal in the daily timeframe. This bullish outlook could further drive traders to increase buy orders, eventually increasing the chances of WIF breaching the critical hurdle at $2.5.
Should bulls desire to break free from bearish shackles and guide dogwifhat price rally 2x to the previous all-time high of $4.85, they must move swiftly to annihilate the seller congestion at the blue descending trend line.
WIF Bags 2 Bullish Cross Pattern
A shorter timeframe analysis points to the SuperTrend indicator flipping to trail WIF price. The SuperTrend indicator simplifies trend following by combining price action and volatility (ATR) to plot a dynamic line.
It helps traders identify potential entry and exit points based on the line’s direction relative to the price. Dogwifhat will remain in the good graces of the bulls as long as the Super Trend line trails the price on the chart.
At the same time, two golden cross patterns have recently emerged in the chart validating the bullish thesis.
A golden cross forms when a short-term moving average decisively crosses above a long-term moving average, with Dogwifhat price prediction signaling a potential shift from a downtrend to an uptrend. Their appearance in the four-hour chart suggests increasing buying pressure and bullish sentiment.
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