On International Dog Day, which is celebrated worldwide in honor of dogs, something significant happened in cryptocurrency. It is also important to note that through the rapid rise in the price of digital currencies like DOGWIFHAT, popular because of a meme, the largest holder acquired a much more significant portion of the token.
This has attracted the attention of both professional and casual investors, thus creating a chain reaction in the market. It is also likely because the market will be relatively active as DOGWIFHAT approaches the already set resistance zones.
These resistance levels are significant as they reveal areas of the price that have not been able to break through to achieve further upward movement, and if this is done, then there are high chances that the price will be bullish. On the other hand, a lack of support may be a sign of a bearish pattern in the market.
DOGWIFHAT Support and Resistance Levels Tested
The buying by the most prominent holder has moved the price of DOGWIFHAT nearer to the set resistance levels, necessitating previous support levels. These levels are important to traders since they define certain price levels at which buyers’ or sellers’ pressure can change the price direction.
These are levels technical analysts are keen to observe and look forward to capturing the polarity of the markets and the possible future trend of prices.
EMA and Moving Averages Indicate Bullish Momentum
This implication was noticeable after the recent acquisition, where DOGWIFHAT’s price was nearer to its Exponential Moving Average and Simple Moving Average.
Like the ‘EMA,’ the SMA is another indicator that reveals the long-term trends and is also in the upward section. These indicators are helpful to a trader in ensuring the solidity of the current trend and making further decisions on buying or selling.
Market Speculation Grows Amid Whale Activity
The fact that its giant whale has purchased a much more considerable amount of DOGWIFHAT has prompted many people to increase its value. Now, they are focusing on whether other holders will join by increasing their holding or potentially beginning to sell their coins, a scenario that could see the market rise or plummet.
As more people pay attention to DOGWIFHAT, retail and institutional investors will have to focus on these technical indicators, especially given the changing market.
The enormous whale’s accumulation of DOGWIFHAT has attracted the audience’s attention and led to the activation of market sentiment. As more investors pay attention to DOGWIFHAT, retail, and institutional investors owe technical indicators of trend changes to enable them to invest cautiously.
