Market
Can WIF Price Rally Hold $3 Amid Rising Demand?
Dogwifhat’s (WIF) 50-day Simple Moving Average (SMA) crossed above its 200-day SMA on November 1, forming a golden crossover — a bullish indicator signaling potential upward momentum. Following this technical event, WIF’s price surged by 37%, reaching a five-month high of $3.
With this bullish indicator in effect, the key question is whether WIF can sustain its rally and maintain support above the $3 level.
Dogwifhat Forms Golden Cross
On November 1, WIF’s 50-day SMA (blue line) crossed above its 200-day SMA (yellow line).
The 50-day Simple Moving Average (SMA) tracks an asset’s average price over the last 50 days, highlighting short- to mid-term trends. Conversely, the 200-day SMA reflects the average price over 200 days, serving as a barometer for long-term trends. Typically, when an asset’s price surpasses its 200-day SMA, it suggests a sustained uptrend.
A “Golden Cross” occurs when the 50-day SMA crosses above the 200-day SMA, indicating that recent momentum is outpacing the long-term trend. This crossover signals a shift from a downtrend to an uptrend, often prompting traders to consider long positions in anticipation of further price gains.
This is true of WIF, whose price has climbed by almost 40% since the formation of the Golden Cross pattern.
WIF Sees Spike in Demand
Over the past seven days, the value of the dog-themed meme coin has surged by 48%, and BeInCrypto’s assessment of its technical setup confirms that it may extend these gains. For example, its rising Relative Strength Index (RSI) indicates the growing demand for the meme coin. As of this writing, the indicator’s value is 66.99.
The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100, with values above 70 suggesting that the asset is overbought and due for a correction. In contrast, values under 30 indicate that the asset is oversold and may witness a decline.
An RSI reading of 66.99 indicates that the asset is approaching overbought territory but has not yet crossed the overbought threshold of 70. This suggests that buying momentum remains relatively strong and may continue in the short term.
Moreover, WIF’s price rally is accompanied by a corresponding rise in its open interest. This is at a monthly high of $448 million at press time.
Open interest refers to the total number of outstanding contracts (futures or options) that have not been settled or closed. As with WIF, when open interest climbs along with price, it typically indicates that new money is entering the market, and the current price movement is supported by an increase in trading activity. This is a bullish signal that hints at a continued rally.
WIF Price Prediction: The $3 Price Level Is Key
Currently, Dogwifhat (WIF) is trading at $3.00, hovering just above its long-term resistance at $2.99. If buying pressure persists, this level could turn into a support floor, potentially driving WIF toward $3.41. Breaking past this mark could open the door for a rally to $3.96, which stands as the final hurdle before WIF targets its year-to-date high of $4.86.
However, this optimistic scenario could unravel if market sentiment turns bearish. A decline in demand could push WIF’s price down to $2.51.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Will the Altcoin Season Cycle Begin Soon? Analyst Weighs In
Crypto analyst Miles Deutscher has pointed to a promising technical setup in TOTAL3, fueling speculation that the altcoin season cycle may close. The analyst comments come as the broader crypto market sees a notable bounce, with Bitcoin (BTC) briefly crossing $93,000 and several altcoins showing strong gains.
But how soon could altcoin season actually arrive? This analysis delves into other factors that could either ignite or delay the anticipated rally.
Altcoin Season on Standby, Analyst Says
For context, TOTAL3 is the entire market capitalization of the top 125 cryptocurrencies excluding BTC and Ethereum (ETH). Historically, when this metric rises, it indicates that altcoin season could be on the horizon as long as Bitcoin dominance drops.
Deutscher’s post on X (formerly Twitter) showed the TOTAL3 monthly chart, indicating that it had formed strong support. The post also revealed that the recent rise in altcoin prices has taken the market cap above notable resistance.
“TOTAL3 (altcoin index) monthly chart. Setup looks fantastic, honestly.” Deutscher wrote on X.
While the analyst’s opinion might be valid, one obstacle that could hinder the altcoin season cycle is Bitcoin’s dominance. Bitcoin dominance refers to the ratio of BTC’s market capitalization compared to the total market capitalization of the entire cryptocurrency market.
As of this writing, the BTC.D, as it is popularly known, is 61.33%. This indicates that the number one cryptocurrency still has a strong hold on the market. For alt season to commence, this ratio has to drop, which Deutscher himself admitted on November 12.
“Bitcoin dominance keeps grinding higher. Only when BTC dominance breaks down can a true alt season ignite.” The analyst emphasized.
Altcoins Surge Could Be Delayed Until BTC Drops
Currently, Blockchaincenter’s altcoin season index, which measures whether the market is in an alt season, has dropped one place to 29. About one week ago, the reading was 30. For confirmation, at least 75% of the top 50 cryptos need to outperform BTC.
Despite this uptick, the index remains well below the 75 threshold, as only 16 of the top cryptocurrencies have outpaced Bitcoin over the past 90 days.
Should that remain the case, then Bitcoin’s price might climb to a higher value before most altcoins hit new highs. However, if BTC experiences a double-digit correction, this could give way for alts to thrive. If that happens, then alt season can officially begin.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Why the Aptos Token Price May Struggle to Recover
Yesterday, the world’s largest asset manager, Blackrock, disclosed that it had expanded its tokenized money fund to other blockchains, including Move-programmed Apots (APT). This development sparked speculation that the Aptos token price could gain from it.
Initially, APT price climbed to $12.60. But as of this writing, the altcoin has dropped by 6.33%, suggesting that the integration with Blackrock is not enough to keep the price going high.
Aptos Falters Moments After Bullish Announcement
Blackrock’s announcement, which BeInCrypto reported earlier, coincided with the broader market rally, as the Aptos token price had increased by 21%. However, our finding shows that the drop in Open Interest (OI) was one reason that APT failed to hold on to the $12 mark.
According to Santiment, APT’s OI attempted to approach $200 million on Wednesday, November 13. But it did not and has now dropped to $105.37 million. Open Interest refers to the total number of active contracts in the futures market that have not yet been settled.
An increase in OI indicates more participants are entering the market, potentially strengthening the current trend. Conversely, a decrease in the metric may suggest that the trend is losing momentum.
Therefore, with the metric declining in Aptos’s case, there is a chance that the altcoin’s price might continue to decrease. Additionally, the Chaikin Money Flow (CMF) indicator suggests that Aptos’ price may face challenges in staging a rebound.
For context, the CMF is an indicator developed to track the accumulation and distribution of an asset over a specific period. It ranges from -1 to +1. When the reading rises, it means that accumulation is ongoing, and the price can increase.
However, in APT’s situation, the reading has dropped, suggesting that selling pressure has begun to outpace buying pressure. Should this remain the same, Aptos’ price could slide lower than $11.69.
APT Price Prediction: Sub-$10 Likely
On the daily chart, Aptos faces resistance at $13.72, with support at $10.43, just below the 23.6% Fibonacci retracement level. Given the decline in trading volume, the price of Aptos could continue to slide, and bulls may struggle to maintain support at this level.
This is largely because low trading volume indicates a drop in market interest. As such, it could be challenging for buying pressure to increase. If this is the case, then APT’s price might drop to $9.85.
On the other hand, an increase in buying pressure could invalidate that prediction. Thus, if the accumulation of APT rises, the price might bounce toward $14.13.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Why the MAGA (TRUMP) Coin Price Will Test Its 2024 Low?
The Donald Trump-linked meme coin MAGA (TRUMP) has experienced a sharp decline over the past week. This diverges from the broader market rally sparked by Trump’s victory in the 2024 US presidential elections. TRUMP trades at $1.48 as of this writing, marking a 35% drop in the past seven days.
With plunging buying pressure, the meme coin is on track to retest its year-to-date low. The question now is how soon TRUMP will breach this level.
MAGA Traders Continue To Dump Holdings
TRUMP’s Aroon Down Line confirms the strength of its current downward trend. The indicator’s value is close to 100 at 78.57 at press time.
The Aroon indicator identifies the strength and direction of a trend. When the Aroon Down Line is close to 100, the asset’s price has consistently made recent lows over the measured period. It suggests the asset has been in a strong downtrend, indicating sustained bearish momentum.
Additionally, the setup of TRUMP’s moving average convergence/divergence (MACD) indicator confirms the rising selling pressure in the market. As of this writing, the meme coin’s MACD line (blue) rests below its signal line (orange) and is under its zero line.
This indicator tracks an asset’s trend direction, shifts, and potential price reversal points. When the MACD line is below both the signal and zero lines, the asset’s short-term momentum is weak, signaling a potential bearish trend. Traders interpret this as a strong selling signal, as it implies that the price is likely to continue declining.
TRUMP Price Prediction: Meme Coin May Be Oversold
Currently, TRUMP trades at $1.48. If the decline continues, its next price target is its January low of $0.14, which is its year-to-date low.
However, readings from the meme coin’s Relative Strength Index (RSI) suggest that it is almost oversold and due for a price rebound. At press time, TRUMP’s RSI is at 32.58.
The RSI indicator assesses whether an asset is oversold or overbought. Its values range between 0 and 100. Values above 70 indicate that the asset is overbought and due for a correction, while values below 30 suggest that the asset is oversold and may experience a rebound.
TRUMP’s RSI of 32.58 indicates that the meme coin is nearing the oversold threshold. Traders may start to watch for signs of a price bounce or trend shift, and if this happens, its price may climb toward $3.92.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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