The post dogwifhat rises 12%: Is $3.7 the next stop for this memecoin? appeared on BitcoinEthereumNews.com.

Journalist Posted: September 4, 2024 Market sentiment around dogwifhat turned bullish in the last few days.  Most metrics hinted at a continued price rise.  CoinMarketCap’s data revealed that the bears controlled dogwifhat’s [WIF] price last week as its value plummeted by over 9%. However, things took a U-turn in the last 24 hours, as dogwifhat’s price surged by more than 12%. At the time of writing, WIF was trading at $1.59 with a market capitalization of over $1.5 billion, making it the 49th-largest crypto. The good news was that the memecoin’s trading volume surged by 55% while its price increased. Generally, a rise in volume amidst a price increase acts as a foundation for a bull rally. Apart from that, the price increase also had a positive impact on the memecoin’s social metrics. For example, its Weight Sentiment increased. This meant that bullish sentiment around dogwifhat increased. Additionally, its Social Volume spiked, reflecting a rise in its popularity. Source: Santiment WIF price prediction  AMBCrypto then assessed dogwifhat’s on-chain data to find whether metrics hinted at a price increase. As per our analysis of Santiment’s data, WIF’s Funding Rate dropped. Usually, prices tend to move the other way than the Funding Rate. Moreover, after a slight decline, WIF’s Open Interest increased, indicating that the chances of the bullish price trend continuing were high. Source: Santiment Coinglass’ data revealed yet another bullish signal. The memecoin’s long/short ratio registered an uptick. This meant that there are more long positions in the market than short positions — a bullish signal. The technical indicator MACD suggested that the bulls and the bears were in a tussle with each other. But the Chaikin Money Flow (CMF) indicated that the bulls might be victorious as the graph moved northward. If the bulls continue to dominate, then investors…

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Filed under: News - @ September 4, 2024 7:19 am