- Buying pressure on WIF increased over the last few days.
WIF must go above $3.30 in order to sustain its bull rally.
As a seasoned crypto investor with a few years of experience under my belt, I’m excited about the recent developments in Dogwifhat (WIF). The meme coin has been showing strong buying pressure over the last few days, breaking above a bullish pattern and registering impressive growth.
In recent times, the value of Dogecoin [WIF], the playful canine-themed cryptocurrency, has experienced a significant surge, recording a double-digit increase.
The WIF stock surpassed a bullish trendline, indicating possible continued expansion in the near future.
WIF bulls are winning
Based on data from CoinMarketCap, investors in the meme coin WIF experienced significant gains over the past week, with the digital currency’s value rising approximately 20%.
The bulls pushed even harder in the last 24 hours as WIF’s value surged by 8%.
As a market analyst, I’d express it this way: Currently, Dogwifhat is priced at $3.11 per unit and boasts a market capitalization exceeding $43.1 billion, ranking it as the crypto with the 38th largest market value.
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing development with the meme coin’s price trend. Lately, we’ve seen an upward surge that managed to push the coin above a symmetrical triangle pattern on the charts. This significant move was brought to my attention by Captain Faibik, a well-known crypto analyst, who shared his insights in a recent tweet.
As an analyst, I’ve observed that over the past 80 days, WIF‘s price action has formed a consolidation pattern. Once this pattern is broken, there’s potential for a significant bull rally of around 80% to 90%.
In addition to their recent tweet, Lookonchain noted a significant demand for purchases in the meme coin market.
Based on the tweet’s content, a whale expended approximately $2.98 million in Solana (SOL), which is equivalent to 17,966 SOL, to acquire 953,177 WIF tokens at an average price of $3.13 each on an undisclosed date. Previously, this same whale had spent $3.5 million in USDC to purchase 355,417 WIF tokens at a price of $2.81 per token on May 21st.
As a crypto investor, I found it intriguing that the price surge and increased demand for the meme coin didn’t seem to shift the community sentiment. In fact, the Weighted Sentiment indicator showed a bearish trend, indicating a predominantly negative outlook among investors.
Its Social Volume also remained low, reflecting a decline in WIF’s popularity.
WIF’s possible next targets
The encouraging development was that the Open Interest for the meme coin kept pace with its rising price. In simpler terms, this figure indicates the overall volume of ongoing contracts or bets on that particular asset.
A rise in the metric usually hints that the ongoing price trend will continue further.
However, the metric registered a slight decline in the last few hours.
The Chaikin Money Flow (CMF) took on a bearish tone, staying below its zero line. Meanwhile, the Money Flow Index (MFI) remained bullish, inching upward.
Read dogwifhat’s [WIF] Price Prediction 2024-25
After examining the data from Hyblock Capital, AMBCrypto identified potential targets for WIF‘s continued bull run.
It is essential for WIF to surpass the $3.30 mark initially, as it has unsuccessfully attempted this feat in the recent history. Once WIF manages to exceed this threshold, it will create an opportunity for the price to reach $4.
Read More
- DOP PREDICTION. DOP cryptocurrency
- Top gainers and losers
- LDO PREDICTION. LDO cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- MOCHI PREDICTION. MOCHI cryptocurrency
- SILLY PREDICTION. SILLY cryptocurrency
- STOG PREDICTION. STOG cryptocurrency
- KAI PREDICTION. KAI cryptocurrency
- EUR JPY PREDICTION
- COTI PREDICTION. COTI cryptocurrency
2024-05-26 18:15