Binance Lists Dogwifhat (WIF) Amidst Dogecoin’s Meteoric Rise: What’s Next?

Dogecoin, is experiencing a resurgence in its price trajectory, marking the end of a macro downtrend and ushering in a new era of potential growth. As per Rekt Capital, an analyst, over the past months, Dogecoin has surged by an impressive 224%, signaling a significant shift in its price action dynamics.

$DOGE

The Dogecoin Macro Downtrend is over

Dogecoin has broken out into a new Macro Uptrend

Welcome to a new era in Dogecoin’s price action

+224% up since the bullish reversal at the Channel Bottom mentioned all those months ago#DOGE #Crypto #Dogecoin https://t.co/jwPrj6WSuk pic.twitter.com/bUO3m5nEzd

— Rekt Capital (@rektcapital) March 5, 2024

This surge comes from a bullish reversal noted at the channel bottom, suggesting a newfound momentum in Dogecoin’s trajectory. With the current price resting at $0.185286 and a substantial 24-hour trading volume of $7.8 billion, Dogecoin’s resurgence is catching the attention of traders and investors alike.

Dogecoin/USD 1-Day price chart (Source:Trading view)

However, exemplary signals are emerging amidst the fervor surrounding Dogecoin’s rally. The 1-day RSI reading is 93.99, indicating an overbought market condition, potentially signaling an imminent price correction. Despite this, the 1-day KST reflects strong positive momentum in the short term, while the MACD trading above the signal line suggests a continuation of the bullish trend.

Concurrently with Dogecoin’s rally, Binance, the world’s largest cryptocurrency exchange, on their official X page, has recently announced the listing of Dogwifhat (WIF), a Solana-based meme coin. Scheduled to commence trading on March 5, 2024, at 14:00 UTC, WIF’s listing brings forth new opportunities and risks to the crypto landscape.

#Binance will list @dogwifcoin $WIF with Seed Tag Applied.

➡️ https://t.co/zlKeAgCLO6 pic.twitter.com/76nuDTbsAO

— Binance (@binance) March 5, 2024

WIF will bear the Seed Tag, denoting higher volatility and risk than other listed tokens. This categorization prompts users to undergo regular quizzes and accept specific terms of use to access trading, emphasizing the need for risk management and thorough research.

Dogwifhat (WIF), trading at $1.78 with a 2.79% increase in the last 24 hours, presents itself as a meme coin riding on the coattails of Dogecoin and Shiba Inu, aiming to capitalize on the interest in meme-based cryptocurrencies.

WIF/USD 1-Day price chart, source: Trading view

Additionally, Dogwifhat’s 1-Day RSI reads 84.92, indicating that the asset may be overbought in the short term. The 1-Day MACD suggests that the asset’s price has increased rapidly and may be due to a pullback.

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