beincrypto.com
Dogwifhat (WIF) price is witnessing signs of early recovery, sparking curiosity about whether its upward trajectory will persist.
While there has been a slight weakening in the market’s momentum, the overall upward trend remains intact.
Dogwifhat Looks Promising
From a 30-day low on March 23, WIF’s daily unique trades have made a significant leap to 74,500 by April 3, marking a 127.83% increase. Although this recovery is noteworthy, it is essential to recognize that these figures still fall short of the 161,000 peak observed on March 5, highlighting potential growth opportunities.
The stabilization in daily unique trades over the last week, as indicated by the 7-day moving average, suggests increasing market participation consistency.
This is a positive indicator for the Dogwifhat ecosystem. Indeed, high trading volumes and a greater number of unique trades can enhance market liquidity and demand. Consequently, it can foster a virtuous cycle that propels WIF’s price upward.
The Average Directional Index (ADX) has decreased, dropping from 53.38 on April 1 to 28.21, signaling a reduction in trend strength. The ADX measures the strength of a trend without regard to its direction, with readings below 20 indicating a weak trend and those above 50 denoting exceptionally strong trends.
Despite the recent decrease, WIF’s current ADX suggests that the uptrend is still significant, while not as robust as before. This indicates that the market might continue its upward movement, offering a stable environment for making investment decisions.
WIF Price Prediction: New Highs
The Golden Cross on March 25 is a bullish indicator for Dogwifhat’s price, potentially heralding a long-term uptrend. This event occurs when a short-term EMA crosses above a long-term EMA, signaling a shift from bearish to bullish market sentiment.
WIF has experienced a meteoric rise of more than 2,000% this year, becoming Solana’s largest meme coin by a wide margin and even surpassing Arbitrum in market capitalization. However, a recent convergence of the EMA lines suggests a potential trend change or consolidation period, indicating the market might be gearing up for further upward movement.
Should the uptrend continue, Dogwifhat could surpass its all-time high of $4.82 and aim for the $5 mark, setting new records and underscoring the strong bullish sentiment in the market.