Dogwifhat WIF/USD surged 7% in the past 24-hour trading session alongside a more than 100% surge in trading volume, with analysts remaining bullish on WIF.
What Happened: Coinbase International Exchange announced last week that Dogwifhat perpetual futures trading will commence on the Coinbase International Exchange and Coinbase Advanced from April 25.
Renowned cryptocurrency analyst Crypto Curb foresees a significant surge in WIF’s price, hinting at a potential rise to more than $10 in the next leg, saying, “Steady Lads, Deploying More Hat.”
Meanwhile, crypto trader Bluntz Capital forecasted a potential breakout for Dogwifhat, citing the formation of an ascending triangle over two weeks, a bullish pattern suggesting potential upward price movement.
The analyst has been tracking the meme coin’s movement since early April, initially suggesting buying WIF at a lower price but recently changing his outlook to “hat’s back on.”
For the unfamiliar, the ascending triangle is a bullish chart pattern formed by a flat resistance line and an ascending trendline acting as support.
Why It Matters: These positive sentiments from analysts come amid significant volatility in the cryptocurrency market. While chart patterns can provide insight, they do not guarantee future market movements, and cryptocurrency investments carry inherent risks.
It’s important to note that cryptocurrency investments carry inherent risks, and market predictions should not be the sole basis for investment decisions.
Price Action: At the time of writing, WIF was trading at $3.30, up 7% over the past 24 hours alongside a 108.9% surge in trading volume, pushing weekly gains to 38%, outperforming Dogecoin’s 7% and Shiba Inu’s 25% gains.
What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Read Next: ‘Shiba Inu Killer’ Dogwifhat Plunges 23%, Trader Thinks The Dog Needs To ‘See A Vet’
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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