Zinger Key Points
- Dogwifhat’s 10% weekly gain has traders debating whether the uptrend is sustainable.
- One trader thinks it is showing relative strength but another sees a lot of potential obstacles ahead.
- Get New Picks of the Market's Top Stocks
Dogwifhat WIF/USD has again caught the attention of prominent crypto traders, who are debating its short-term bullish potential.
What Happened: Crypto trader Cold Blooded Shiller expressed skepticism about the long-term prospects of Dogwifhat, citing numerous high timeframe potential resistances. He pointed out that the meme coin would become a more appealing trade opportunity if it could flip $2.50. However, he emphasized the need to observe how it responds to trading through these zones.
Heavily followed crypto trader Wick highlighted WIF’s "relative strength."
Another notable crypto trader thinks if WIF can turn the area around $2.50 from a resistance level into a support level, it could be a strong signal of a potential upward trend.
Why It Matters: These analyses by traders' provide crucial insights for investors considering Dogwifhat at a time when the market is showing signs of relief.
Crypto trader Free noted that among his five concentrated bets is Dogwifhat, the “dogcoin of the cycle”. Over the past 24 hours, Dogwifhat is down 3.5% to $2.20.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Image created using artificial intelligence with Midjourney.
Read Next: Whale Sells $3.5M Worth Of This Dog Coin…And It’s Not Dogecoin Or Shiba Inu
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
