Dogwifhat's Value Tumbles 10% in a Week: WIF Sinks Amidst Heavy Investor Influx into Solaxy's $43.7M Presale with Time Running Out
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The Doge meme coin price has dipped by 10% on a weekly basis, while in the past 24 hours it's inched up half a percent, trading at $0.9778 as of 9:41 p.m. EST. Investors seem to be reducing their exposure to the meme coin, potentially due to some traders taking profits from Doge's rally over the last month. Despite this recent drop, Doge is still up by more than 76% on a 30-day time frame.
The Doge Price Takes Aim at Resistance—Can It Breach the Barrier?
The Doge price is trying to flip a resistance level at $0.9871 into support, data from GeckoTerminal reveals. If Doge manages to break the barrier, it could surge in the short term. Traders might then aim to push Doge to an even higher point at $1.1871. Under extreme bullish pressure, the crypto could potentially reach $1.4870.
However, a rejection from the $0.9871 mark within the next 48 hours could thwart any short-term bullish move. In this instance, traders may decide to short the Doge price, potentially setting the stage for a test of the nearest support at $0.7871.
Bullish Early Technical Signs Indicate A Short-Term Doge Price Hike
There are some early technical signs hinting that the Doge price could rise in the coming 48 hours. Traders should keep an eye on two important indicators: the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI).
That's because the MACD line is starting to inch up towards the MACD Signal line. Over the past few days, the gap between the two momentum indicators has been gradually diminishing. This could indicate that Doge's bearish trend might have reached a turning point and is approaching its end. If the distance between the two lines continues to decrease, a bullish crossover could happen soon.
The RSI, on the other hand, suggests that buyers have recently gained a slight edge over sellers. This upward trend of the RSI line indicates that bulls are further tightening their grip on the Doge price.
If the early bullish readings demonstrated by the MACD and RSI on the daily chart sway traders' decisions, there's a good chance that Doge could breach $0.9871 and continue climbing towards $1.1871 in the near future.
Investors are rushing to the presale for a new Solana token called Solaxy (SOLX) before it ends in approximately 12 days. According to the influential YouTube channel 99Bitcoins, which boasts 723K subscribers, SOLX has the potential to soar by as much as 100X following its launch.
Solaxy Is Set to Elevate Solana to New Heights
Solana is often seen as a faster, cheaper alternative to the slow, congested Ethereum layer-1 network. However, its transaction times and fees tend to spike during peak traffic periods, leading some users to report delayed and sometimes failed transactions. Solaxy addresses this issue by introducing the first SOL-focused layer-2 scaling solution.
Similar to Ethereum's layer-2s, Solaxy shall bundle and process transactions off the mainnet before submitting them for final validation, alleviating the computational workload on the Solana layer-1 and maintaining steady levels of congestion on the network.
Additionally, Solaxy will link Solana with the Ethereum blockchain, combining the strengths of these two prominent distributed ledgers into a highly scalable, liquid, and secure platform.
Solaxy's team has been diligently working on building its lightning-fast layer-2 chain. They have already deployed their testnet and blockchain explorer, launched the Solaxy bridge on the testnet, and unveiled their Igniter Protocol, a token launchpad designed to list tokens on the upcoming Solaxy DEX directly.
Time is Running Out for Investors to Acquire SOLX in Presale
Solaxy's presale has already raised over $43.7 million, showcasing strong investor backing for the project. With less than two weeks left before the project's launch, time is running out for interested investors to buy SOLX for $0.001744 per unit via the project's website using either crypto or bank cards.
Take a Peek at SOLX.
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Sports enthusiasts might be excited to know that the Doge price is attempting to break a resistance level at $0.9871, potentially setting the stage for a short-term surge. In the meantime, investors are rushing to participate in the presale for Solaxy (SOLX), a new Solana token that has the potential to elevate Solana to new heights.
