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Dogwifhat soared in both price and trading volume following its listing on Robinhood, igniting market excitement. Analysts highlight bullish signals that could propel the meme coin toward the $5 mark if momentum persists.
Robinhood Expands Crypto Offerings With Dogwifhat
There is hope for the meme coin's future price trajectory because of a recent announcement on Robinhood's platform, Dogwifhat (WIF).
Considering Robinhood has only ever offered a handful of carefully chosen coins, this is a significant increase to their crypto portfolio. Following the inclusion of Pepe, another famous project, Robinhood has added WIF, another meme coin, this month.
In response to the news, trading activity and interest in WIF spiked, and the price reached a high of $3.655. There may be more gains for WIF, according to experts, if the stock breaks critical resistance levels around $3.75. Investors are expecting prices to go up to $5 if the current upbeat mood continues.
Dogwifhat’s Trading Volume Soars 50% in 24 Hours
According to CoinMarketCap data, the trading volume of Dogwifhat increased by 50% in the 24 hours following the announcement of Robinhood. More people are interested in investing and trading, which is causing a rise in activity. There was a substantial increase of 9% in the coin's open interest, which is indicative of heavy trading activity in the options and futures markets.
The asset was overbought near 80 according to the Stochastic RSI on the chart, but it has since plummeted to oversold levels, about 11-12. This points to the possibility of a bullish reversal given the present momentum.
Bullish Indicators Strengthen Dogwifhat’s Market Momentum
Additionally, the Bull and Bear Power (BBP) indicator is displaying positive momentum at 0.2377, indicating that bulls are still in charge, even though there have been corrections recently. Plenty of people are looking to buy, as seen by the bullish histogram, Coingape points out.
The increasing importance of popular meme currencies in the cryptocurrency industry is demonstrated by Robinhood's listing of Dogwifhat. In the past, when markets were rising, new investors flocked to meme tokens like WIF. The fact that Robinhood has backed WIF shows that they are becoming more confident in the meme coin industry, which is good news for the expanding cryptocurrency options.
Dogwifhat’s Market Cap Rises to $3.3 Billion
With a current price of $3.3 billion, Dogwifhat is the seventh most valuable meme coin. This is in continuation of a previous study that indicated WIF price would reach its ATH this week.
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