Rekt Capital, a cryptocurrency analyst, recently announced on X platform that Dogecoin’s macro downtrend has ended, marking the beginning of a new uptrend. The price of Dogecoin has surged by 224% since the bullish reversal at the Channel Bottom, signaling a significant shift in its price action.
As of now, Dogecoin is trading at $0.183913, with a 24-hour trading volume of $7,901,560,982 and a market cap of $26,362,060,010. The coin has a circulating supply of 143,339,796,384 DOGE. Despite the impressive gains, the Relative Strength Index (RSI) on the 4-hour chart is at 68.91, suggesting that Dogecoin may be approaching overbought conditions. Traders are advised to monitor the price closely for signs of a possible pullback.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator is at 0.0161, indicating bullish momentum. However, traders should be cautious as a divergence between the MACD and price action could signal a potential trend reversal.
Additionally, Coingecko reported Binance’s announcement regarding the listing of WIF, the intrinsic token of the dogwifhat platform. Presently, WIF is valued at $1.84, with a 24-hour trading volume amounting to $574,583,169 and a market capitalization of $1,838,974,779. The cryptocurrency has a circulating supply of 998,920,173 WIF coins.
The RSI for WIF on the 4-hour chart is at 65.68, suggesting that the market may be approaching overbought conditions. Traders are advised to exercise caution and look for potential signs of a reversal.
Source: TradingView
Additionally, the MACD indicator for WIF is at 0.16839533, showing slight bullish momentum. Traders should monitor for any divergence between the MACD and price action, which could indicate a potential trend reversal.
The cryptocurrency market is experiencing significant movements, with Dogecoin leading the charge into a new uptrend while WIF enters the trading arena with promise. However, traders and investors must exercise caution and stay informed about market indicators to navigate these dynamic conditions effectively.
