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Dogwifhat has witnessed significant bearishness lately, losing 40% of its value within the past month.
Nevertheless, prevailing price actions suggest a possible market shift.
The dog-themed cryptocurrency joined today’s altcoin bounce-back, gaining nearly 10% after steadying around the $1.885 barrier.
Source – CoinmarketcapWhile we cannot rule out the possibility of downtrends, WIF seems to regain upside momentum, supporting solid moves in the upcoming sessions.
The meme token exhibits a bullish structure on its price chart, suggesting bullish momentum.
Stabilizing above $1.885 could catalyze significant reversals toward the $2.895 resistance.
That would translate to a 45% upswing from WIF’s current price of $2.00.
That would open the path to the $4.830 target. However, Dogwifhat required a massive bullish comeback to fuel such gains.
Sudden bearishness could plunge the token towards $1.885. Failure to keep this zone could trigger another 21.17% slide to $1.486.
Dogwifhat price: bullish signals support near-term gains
Dogwifhat’s market sentiments display optimism after recent dips.
Open Interest soared 7% over the past day to $391.05 million (Coinglass data).
Also, the daily long/short ratio inches towards 1, currently at 0.986, suggesting increasing bullish bets from traders.
That shows participants are opening positions as WIF recovers.
Furthermore, the Average Directional Index shows materializing strength with steady uptrends from 22.70 on December 16 to 32.31 at press time.
Source – TradingViewThe ADX indicator measures trend strength, with figures above 50 suggesting strong trends and below 20 signaling weak trends.
Furthermore, the Chaikin Money Flow trends upward and approaches zero. It increased from -0.17 to -0.10 within the past day.
An increasing CMF suggests magnified buying volume, signaling impending uptrends for the asset.
WIF price will likely soar if the indicator surpasses the zero line.
The current Chaikin Money Flow readings indicate accumulations after rebounding from the support zone.
Nevertheless, this buying could trigger a minor decline before amplified bullish momentum.
Moreover, spot traders are moving their Dogwifhat balances to private addresses, highlighting long-term holding.
That shows confidence in the altcoin’s future performance.
Future of meme assets: absence of DOGE ETF dents sentiments
Industry players have advocated exchange-traded funds that expose investors to multiple cryptocurrencies beyond Bitcoin and Ethereum.
Nonetheless, investment managers appear to distance themselves from meme token ETFs.
ETF Store president Nate Geraci stated that failure to file for DOGE ETF is a marketing mistake and a missed opportunity for companies reluctant to adopt the meme token.
Shocked an ETF issuer hasn’t filed for Dogecoin ETF yet… What’s the downside? Worst case, it’s a marketing expense. Wonder which issuer is sitting on the “DOGE” ticker.
Bloomberg’s exchange-traded fund analyst Eric Balchunas supported Geraci, stating that he anticipated multiple DOGE ETF filings from asset managers by Christmas.
Balchunas believes many firms would consider submitting applications for spot DOGE ETFs after Donald Trump’s inauguration.
Failure to consider Dogecoin ETFs could deteriorate enthusiasm in crypto memes early next year.
That could match negative remarks from the likes of former Binance chief CZ.
Meme tokens will likely underperform amid such trends, hindering WIF’s predicted surge past $4.80.
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