Solana’s Dogwifhat Meme Coin Flashes Buy Signal At $2.5, Is It Time To Jump In?

According to a technical indicator, Solana-based meme coin Dogwifhat is gearing up for an upside move. Top analyst Ali Martinez recently shared a bullish perspective for Dogwifhat on social media platform X, with the TD Sequential indicator indicating a buy signal.

TD Sequential Flashes Buy Signal At $2.5

As Ali Martinez noted, the TD Sequential has been highly spot on with predicting trends in the price of Dogwifhat for a while now. The TD Sequential indicator consists of two phases: a setup phase, which generates a count from 1 to 9 based on a specific price, and a countdown phase, which also counts down based on previous price action. 

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Martinez shared insights from the WIF/Tether US 4-hour candlestick price chart, illustrating that the TD Sequential indicator has consistently delivered accurate buy and sell signals for Dogwifhat since the beginning of October. As it stands, the indicator is now pointing toward a buy signal. For a buy setup on the TD Sequential, the current candle’s close must be lower than the close of the previous four candles.

At the time of writing, Dogwifhat has experienced a correction of approximately 14% over the past three days, having peaked at $2.958 on October 14. However, the TD Sequential on the 4-hour candlestick chart is now pointing towards the continuation of a larger upward trend for the rest of the month.

What’s Next For The Dogwifhat Price?

Dogwifhat’s popularity kicked off in early 2024 when the meme coin community enthusiastically dubbed it the “Shiba Inu Killer.” Dogwifhat, which started the year around $0.15, was shot into the spotlight in March and April during a frenzy surrounding Solana-based meme coins in the first half of 2024. 

This surge in interest caused Dogwifhat to go on a price rally, culminating in an all-time high of $4.83. Following this all-time high, the meme coin experienced a substantial correction and is now characterized by smaller rallies and corrections. However, it still remains the largest Solana-based meme coin with a market cap of $2.56 billion.

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Even with the recent price decline over the past three days, Dogwifhat has managed to maintain impressive gains of around 68% over the past 30 days. Now that the TD Sequential indicator is printing a buy signal, this price increase is expected to continue for the rest of what looks like a bullish October. At the time of writing, the Solana-based meme coin is trading at $2.57, with a bullish price target of $4 before October comes to a close.

Solana, on the other hand, hasn’t been able to keep up with Dogwifhat gains in the past 30 days. At the time of writing, Solana is trading at $153, up by 15% in the same 30-day timeframe.

 

Featured image created with Dall.E, chart from Tradingview.com