The price of Dogwifhat surged by 41% over the past week and 4% in the last 24 hours to trade at $2.38. Trading volume skyrocketed by 59%, reaching $605.2 million.
Current Situation with Dogwifhat
Most cryptocurrencies experienced a significant price drop earlier this week, led by Bitcoin-triggered market correction. However, the influence on Dogwifhat has been less severe. The coin failed to breach the $2.50 resistance but fluctuated between the resistance and support at $2.40. Even now that it dropped below this mark, the support might not necessarily be fully broken, and Dogwifhat might still bounce back up.
Dogwifhat Price Prediction
According to technical indicators, Dogwifhat could see a price recovery that might take it back to the $2.50 resistance in the next few hours. Indicators suggest volatility and uncertainty among traders, but there's room for growth if the bulls take over the market once again following the market-wide correction. For instance, Dogwifhat's Bollinger bands have managed to remain fairly wide thus far, but they're showing signs of possible narrowing. The price of Dogwifhat is currently halfway between the two bands, in a neutral position. Previously, the price pushed the lower band down and now sits between them, meaning it could potentially return to the upper band in the hours to come. Meanwhile, the Relative Strength Index (RSI) value has climbed in the last few hours, moving from the oversold area to the neutral zone, currently sitting at 49.19.
Bitcoin's Influence on the Market
During times of uncertainty in the altcoin market, Bitcoin's influence grows stronger, and the original crypto tends to control market movement and overall sentiment. Currently, this sentiment is bearish. BTC is trading in the red on both 24-hour and 1-hour charts, and its value has already dropped below $64k, indicating that another round of price drops might be coming for altcoins like Dogwifhat.
Despite the current bearish trend in the cryptocurrency market, Dogwifhat holds the potential for a price recovery in the next few hours. Technical indicators show that the price could return to the resistance level if volatility remains high.
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