The frog-themed meme coin FWOG rose over 4.75% today and is now trading at $0.45212. Certain events, such as strategic whale purchases and obtaining a listing on SolCex, have led to an increase in the price and market cap of FWOG, making it one of the top meme coins on the Solana network.
FWOG Price Chart Analysis
FWOG presented a significant bullish signal. The current price is $0.45212 after hitting an intraday high of $0.48900.
The price is above the 20-day SMA which sits at $0.27702, showing that there is plenty of trading above this average line. The situation above the SMA confirms the continuation of an uptrend. The SMA serves as a strong support zone in the event of a potential pullback.
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The recent break above the upper Bollinger band at $0.42470 reflects increased buying pressure. But it could also face resistance if the recovery slows.
Traders are closely watching this upper band level as a potential test for the continuation of the uptrend. The recent break above the upper Bollinger band at $0.42470 shows that buying pressures have increased.
However, a “rebound” could stop it if the price rise slows. Traders are now carefully watching the upper band as a potential test for continued uptrend signals.
What Bollinger Bands and RSI Show
The Bollinger Bands shown on the daily chart indicate that FWOG price has broken above the upper band of $0.42470, which shows an increase in volatility. If the price maintains a consistent trading level above this band, it means there is active interest from buyers.
FWOG retracements will likely find support at the 20-day SMA at $0.27702, located at the middle Bollinger band.
A deeper retracement could test lower Bollinger band support at $0.12935. However, there may be no threat to this level in the near future since the bulls seem to be in control of the price action for now. This lower band constitutes a strong support boundary within the recent trading range.
The RSI currently stands at 80.29, a value which indicates that FWOG is already in the overbought zone.
This high level indicates strong upward pressure, although these numbers are in overbought territory and could be followed by further consolidations or market corrections.
If it reverses and the RSI falls below 70, it could mean weak buying pressure.
Analyst Opinions on FWOG Market Performance
Market performance increased due to massive whale acquisitions and the re-listing of FWOG on SolCex, which increased the demand for the tokens.
According to analyst LukedexETH’s post on X, whale investors have accumulated over $2.35 million in strategic purchases. Based on LukedexETH, these purchases placed FWOG as the top coin on Solana, with significant attention from retail traders following the involvement of these whales.
FWOG now has a market capitalization of over $350 million, placing it among the top 300 cryptocurrencies. LukedexETH highlighted that FWOG is rapidly gaining mainstream adoption and is recognized by both institutional and retail investors.
The analyst also added that maintaining the price range of $0.35-0.36 could lead to a sharp rise in the price of FWOG and increase the possibility of FWOG reaching a market cap of $1 billion.