fmcpay dogwifhat wif hits a new high exceeding pepe in terms of capitalization

Dogwifhat (WIF) hits a new high, exceeding Pepe in terms of capitalization

The memecoin Dogwifhat, which debuted on the Solana ecosystem in November of last year, has been steadily gaining traction since then and is still reaching new heights.

Before morning on March 29, the price of WIF was steady at $3.21; nevertheless, the dog unexpectedly burst through to the new ATH level at $4.04. WIF is now trading at 3.97 USD per dong and doesn’t appear to be improving. Dogwifhat has moved up to 38th position on the list of 100 cryptocurrencies with the highest market capitalization, surpassing the “veter” meme coin Pepe (PEPE). WIF is presently ranked third in the memecoin category alone, after only Dogecoin (DOGE) and Shiba Inu (SHIB), with a valuation of 3.9 billion USD.

Dogwifhat’s Relative Strength Index (RSI), which shows which side of the market is in control, is now at 69 points. This indicates that WIF is approaching the overbought level and that a price peak and decline may be imminent. However, depending only on technical analysis to estimate prices is insufficient due to the young nature of WIF and the lack of historical data to draw from. WIF “floated” after going through an ups and downs phase earlier this month, according to Bitcoin. Inspired by Dogecoin, but with a more intriguing design and a hat on its head, Memecoin was published on Binance and swiftly grew to be worth $2 billion USD in just 4 months of existence. The original memecoin WIF picture is currently available for 4.3 million USD through NFT.

In addition to Dogwifhat’s success, a few other memecoins have had significant movements over the last seven days, including Dogecoin (+42.8%), Shiba Inu (16.7%), Floki (+18.3%), and BONK (+28%).

Users should exercise caution before investing in any cryptocurrency, including Dogwifhat, given the volatile and dangerous nature of the market. The memecoin brand was born out of the simple concept of a dog wearing a hat.

Filecoin (FIL) Price Analysis: Consolidation or Correction Ahead?

filecoin FIL

According to the Filecoin (FIL) price research, Filecoin is going through a consolidation period. An impending stabilization is suggested by a drop in daily active users since early February and an RSI above the overbought mark.

The price chart demonstrates This consolidation pattern, where EMA lines are closely aligned with the present price. This stage suggests that Filecoin is getting ready for a stable period, which might lead to future price movements.

Filecoin Daily Active Users Has Been Declining

Filecoin’s daily active user count has been steadily declining since the beginning of February, indicating a slow but unwavering trend that has significant ramifications for the network as a whole.

The gradual fall in user involvement is particularly concerning since it indicates a continuous downward trend without significant upswings to offset it. While the lack of significant daily dips may not appear alarming at first, the gradual decline in active users over time indicates a worrying trend: Filecoin is gradually but certainly losing its forward impetus.

The gradual but noticeable decrease in Filecoin’s user base draws attention to a crucial issue: attracting and keeping users. This continued decline in user participation, which is critical for growth, worries the community.

It suggests that Filecoin is dealing with problems that could affect its ability to compete in the market for decentralized storage. Stakeholders need to keep an eye on these patterns as they may indicate impediments to maintaining Filecoin’s vibrancy and allure for new users.

RSI Remains Overbought

Filecoin’s RSI 7D as of late is 73, indicating a discernible decline from a peak of 83 three weeks prior. This change indicates a moment of consolidation following a period of active trading, which is especially noteworthy in light of FIL’s market history. When FIL first surged to an RSI of 83, it showed signs of a classic overbought situation, in which demand drove the stock price to levels that would not be sustained and suggested an impending correction or stability.

On a scale ranging from 0 to 100, the Relative Strength Index (RSI) gauges price movement. Readings under 30 frequently suggest an asset that is oversold and may be inexpensive, indicating a buy. When the RSI crosses 70, it suggests that an asset may be overbought and expensive, indicating a potential decline in price as profits are booked.

The purchasing frenzy appears to be abating, allowing for price stability, as indicated by FIL’s RSI falling to 73. The current spike in prices may be balanced by FIL entering a consolidation phase, as indicated by this RSI move.

FIL Price Prediction: EMA Lines Are Drawing Consolidation

The Filecoin (FIL) 4-hour chart shows a point of convergence between the current price line and the Exponential Moving Averages (EMAs). EMA lines are trend-following indicators designed to lessen the lag seen in conventional Simple Moving Averages (SMAs) by giving greater weight to the most recent price data. They help traders in determining the direction and possible turning points of the market.

The EMA lines on this chart are converging with the present price, suggesting a big price move is about to happen. Huddled EMAs indicate market turbulence as traders look for a clear path forward.

The 20 EMA falling below the 200 EMA is known as a “death cross,” and it might trigger a bearish decline below $7.6. However, FIL might rise above $11 in the event of an uptrend, which might be signaled by a “golden cross” of the short-term EMA over the long-term EMA.

Bitwise registers Ethereum spot ETF despite declining approval percentage

ethereum bitwise

The crypto asset management Bitwise has applied for the launch of ETF funds for Ethereum (ETH) spot, per the S-1 form that was submitted to the SEC on March 28. Shortly after CIO Matt Hougan of the business said that the Ethereum spot ETF might not be authorized in May, the action was taken.

In a similar vein, experts—more especially, senior analyst Eric Balchunas of Bloomberg—first projected the clearance rate in May to reach 70%, but then lowered that prediction to 35%. GSR Markets, however, projects that this rate will be merely 20%.

The SEC has consistently said that it will take longer to approve Ethereum spot ETF applications submitted by industry heavyweights like Fidelity and BlackRock, which has led to plummeting rumors. The SEC’s effort to determine whether Ethereum qualifies as a security peaked on March 20, which was indicative of the severe approach taken in the process of censoring Proof-of-Stake assets.

Even with the news of the acceptance of the Bitcoin spot ETF, the SEC continues to hold the position that it opposes cryptocurrencies and that only Bitcoin is regarded as an asset, with other cryptocurrencies still being classified as securities.

When referring to The Howey Test – which serves as the SEC’s benchmark for determining whether or not a project token qualifies as a security – the test’s justification for “Ethereum is a security” is likewise insufficiently strong.

With the Dencun update, the price of ETH has dropped by around 500, and it is presently trading around 3550 USD.

Read more: Dogwifhat (WIF) reaches new ATH as meme coins gain bullish momentum

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