Although DOGE and WIF spiked in the past 24 hours, WIF has a more straightforward path to a sustained rally.The meme market has witnessed significant growth in trading activity in the past 24 hoursThe image of a man holding a controller and sitting focused on a chair caused GameStop’s stock to surge by more than 100% in the 24 hours that followed.
As of this writing, DOGE traded at $0.15. Its double-digit rally in the past 24 hours caused its price to bounce off support at $0.14 as the bulls attempt to reclaim the resistance price level of $0.16.Readings from the coin’s key momentum indicators observed on a one-day chart showed that DOGE’s market was yet to be flush with demand.
The values of these indicators showed that despite the price hike in the past 24 hours, market participants’ demand for DOGE had yet to exceed its distribution.On the other hand, WIF fared considerably better. As of this writing, its key momentum indicators rested above their respective center lines.