The price of a meme-inspired cryptocurrency Dogwifhat ($WIF) could keepon rising in the near future after enduring a slight correction, with a key technical indicator now flashing a buy signal amid a wider cryptocurrency market recovery.
According to a chart shared by popular cryptocurrency analyst Ali Martinez on the microblogging platform X (formerly known as Twitter), the TD Sequential has been “spot on in predicting” WIF’s price trend, and is now showing a buy signal.
The TD Sequential has been spot on in predicting the #Dogwifhat $WIF trend. It now shows a buy signal! pic.twitter.com/oAPTxz1P7s
— Ali (@ali_charts) October 16, 2024
The TD Sequential indicator was developed by Tom Demark, and is used to identify the exact time of trend exhaustion and potential points of reversal. It involves counting a series of price bars and comparing them to previous price bars to find exhaustion points.
A buy signal in the TD Sequential indicator appears when the series indicates that the downtrend is likely exhausted and a reversal to an uptrend is probable. This typically happens after a countdown of 9 bars, where each bar closes lower than the bar four periods earlier.
Dogwifhat is notably up more than 70% so far this month, as it’s currently trading at $2.58, up from around $2.27 late last month. The cryptocurrency moved to a near $3 high earlier in October, but failed to remain above that level.
WIF was one of the meme-inspired cryptocurrencies based on the Solana ecosystem that saw its value skyrocket over this year, with some smart (and lucky) traders reaping massive profits from the rise of these memecoins.
Featured image via Pixabay.
