The worth of a meme-inspired cryptocurrency Dogwifhat ($WIF) might carry on rising within the close to future after seeing a surge of greater than 20% over the previous week, with a key technical indicator now flashing a purchase sign amid a wider cryptocurrency market restoration.
In line with a chart shared by standard cryptocurrency analyst Ali Martinez on the microblogging platform X (previously generally known as Twitter), the TD Sequential – which has been “spot on in predicting” WIF’s value development — is now displaying a purchase sign.
Per the analyst, the sign appeared on the four-hour chart and anticipates a value rise to the $3.8 mark, up from WIF’s present $3.5 degree.
The TD Sequential indicator was developed by Tom Demark, and is used to determine the precise time of development exhaustion and potential factors of reversal. It includes counting a sequence of value bars and evaluating them to earlier value bars to search out exhaustion factors.
A purchase sign within the TD Sequential indicator seems when the sequence signifies that the downtrend is probably going exhausted and a reversal to an uptrend is possible. This usually occurs after a countdown of 9 bars, the place every bar closes decrease than the bar 4 intervals earlier.
WIF was one of many meme-inspired cryptocurrencies based mostly on the Solana ecosystem that noticed its worth skyrocket over this 12 months, with some good (and fortunate) merchants reaping large earnings from the rise of those memecoins.
Featured picture through Dogwifcoin.