Recently, the cryptocurrency market has been witnessing exciting developments. One of these developments is happening around the popular Solana-based meme coin Dogwifhat (WIF). Galaxy Digital CEO Mike Novogratz’s post on the social media platform
Novogratz asked where he could get that meme coin project
Billionaire Mike Novogratz, one of the leading names in the cryptocurrency field, came to the fore with an X post. In his post on his account, X said, “It would be a perfect gift for someone I know. Does anyone know where I can get one of the dog’s hats? He asked a humorous question: This post led to speculation in the cryptocurrency market. Because of his question (dogewifhat = dog in a hat), participants began to think that Galaxy Digital might consider including Dogwifhat in its portfolio.
Galaxy Digital, as you know, is an important investment company that has launched the BTCO Bitcoin ETF together with Invesco. The company did not make any official statement about Dogwifhat other than Novogratz’s post. However, this post led investors to think that the company might be interested in this meme coin.
Elon Musk also mentioned WIF
Another development that increases excitement is cryptokoin.com As we reported, Elon Musk mentioned Dogwifhat in his live broadcast on the X platform. In the video that attracted great attention, Musk made a short statement saying, “I know Dogwifhat.” Musk’s previous support for cryptocurrencies such as Dogecoin had led to significant changes in the market. Therefore, investors think that Musk’s words may have a similar effect for Dogwifhat.
Dogwifhat, known for its distinctive knitted hat-wearing Shiba Inu figure, had an impressive rise earlier in the year. But since the end of May, its price has been declining, following a steadily downward curve. Analysts state that the coin is approaching a critical support level and its future oscillates between recovery or further decline.
What is the latest situation in Dogewifhat price?
Despite the recent rise, technical indicators paint a troubling picture for Dogwifhat. A falling channel, marked by gradually decreasing highs and lows, indicates continued selling pressure. Since the end of May, the coin’s value has fallen by 30% and is now trading below the critical resistance level of $2.44. In addition, the Aroon Down indicator, a tool that measures the strength of the downward trend, also reveals a worrying situation. The Aroon Down line for Dogwifhat stands at 100%. This indicates a strong downward trend and recent low prices.
At the same time, this shows that selling pressure prevails and there is no buying interest. But despite all these negative indicators, there is still a glimmer of hope for Dogwifhat supporters. If the current support level is maintained, a recovery towards the resistance level of $2.70 may be possible. This gives the coin a temporary respite and potentially offers an opportunity to break out of the falling channel. However, if the support level is broken, it could lead to a loss of investor confidence and a sharp decline in the price.
The current sentiment around Dogwifhat is mixed. While technical analysis points to a decline, there are also optimistic predictions. Some analysts predict that the price could rise to $7.87 by mid-July, a 225% increase. The Fear & Greed Index, which measures market sentiment, shows a high level of greed at 74%. This indicates a potential overvaluation. In the last 30 days, Dogwifhat has gained 30% and exhibited a price volatility of 11.82%. This indicates that the price can fluctuate significantly.
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