dogwifhat [WIF] Defies Market Trends, Soars as Memecoins Recover

Over the past month, the meme-coin market has experienced a sharp decline. The memecoin market slump had hit dogwifhat [WIF] the most, which declined from

output: Over the past month, dogwifhat [WIF] has experienced a sustained decline of 36.61%. The trend mirrored the overall memecoin sector.

However, the memecoin market appears to have recovered over the past 24 hours, with all major memecoins reporting gains.

For instance, Dogecoin [DOGE] rose 5.94% while and Pepe [PEPE] has gained 10.74% over the same period. Equally, Shiba Inu [SHIB] has gained 5.7% on daily charts.

The memecoin is now up by 18.70% on daily charts, with a trading volume of $386 million. This pushed the memecoin to trade at an average price of $1.59 at press time.

dogwiflat price analysis

dogwifhat continued to defy markets with gains on daily charts. As of this writing, WIF’s trading volume surged by 57.27% over the past 24 hours to $386 million.

Equally, the market cap surged by 17.84% in 24 hours to $1.7 billion. The daily chart showed that prices gained 18.70%.

Source: TradingView

At press time, the memecoin was trading at $1.59 after making significant gains on daily charts. The price action showed a strong upward movement in the short term on price charts.

The Advance Decline Ratio (ADR) was above 1 at 2.68, suggesting increased buying activity and overall positive outlook among investors.

Thus, there’s a substantial increase in prices over the short term than decreases.

Source: TradingView

The Aroon line showed that price movements in the short term gained upward momentum. The Aroon Up, at 21.43%, sat above Aroon Down at zero, indicating that short-term gains outweighed recent losses.

Source: TradingView

Moreover, the price action showed that short-term buying activity remained strong with the Aroon Up line above the Aroon Down line on the four-hour chart.

However, the Aroon oscillator appeared to be flattening out at press time, which could indicate a slowdown in the rate of price increases.

Moreover, the Bollinger Bands appeared to be converging at press time, which could indicate a period of consolidation or a breakout in either direction.

Finally, the Ichimoku Cloud remained bullish, with the Tenkan-sen and Kijun-sen lines indicating a strong uptrend. The Chikou Span also remained above the candlesticks, indicating bullish momentum.

The post dogwifhat (WIF) Price Analysis: Memecoin Surges Despite Market Slump appeared first on NewsCrypto.

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