Cryptocurrency markets have been showing a general upward trend lately. This rise causes the prices of many digital assets to increase and attract the attention of investors. During this period, analyzes and predictions regarding crypto assets become especially striking. In this context, experts study the performance of specific assets as well as general trends in the market.
In parallel with this trend, an analyst using the pseudonym Bluntz updated his analysis on a meme coin called dogwifhat (WIF). Bluntz said that dogwifhat, which is part of the meme coin phenomenon, creates bullish divergence over long periods of time. expression did. Well what does it mean?
Bullish divergence is a phenomenon seen on price charts and technical indicators. If the price of an asset is in a downtrend but a technical indicator shows an uptrend, this can be interpreted as a positive signal. So, this term refers to the mismatch between the price chart and an indicator in technical analysis. In Dogwifhat’s case, the asset price is in a downtrend while an indicator such as the Relative Strength Index (RSI) is in an uptrend. If we look at it in more detail, while the price creates lower lows (new lows lower than the previous lows), the RSI creates higher lows (new lows higher than the previous lows). This could be a sign of a potential turnaround in the market.
WIF is trading at $0.952, up nearly 229% from $0.289 recorded on February 24.
The crypto analyst also examined the price of the popular altcoin Solana (SOL). According to Bluntz, the tier 1 altcoin appears to have potentially reached a bottom against Bitcoin (BTC) after forming a bullish trend on the one-hour timeframe.
He said that on the three-day price chart, the Solana/Bitcoin pair created a “very bad wick”. This wick is a candlestick that indicates the price has pulled back significantly from the low and closed at a much higher price, thus creating a thin line at the bottom of the candle.
You can follow the current price movement here.
