- At press time, dogwifhat was up 7% in the last 24 hours
WIF’s price action looked set for an upward trajectory on the charts
As a seasoned researcher with a penchant for all things crypto, I’ve seen my fair share of market ups and downs. But the recent surge of dogwifhat [WIF] has caught my attention like no other memecoin in recent memory.
Regardless of the broader market’s slow progress, the memecoin Dogewhatch (WIF) persists in picking up momentum within its sector. At the current press time, WIF saw a rise of more than 7% and was trading above $2.5. However, it is important to mention that its 24-hour trading volume decreased by 5.67%, as reported by CoinMarketCap.
Due to this recent increase, WIF finds itself in an optimistic predicament, leading several analysts to anticipate further growth for this memecoin. So, what might we see from it by the end of Q4 2024?
WIF price prediction
Starting from mid-September, the trend for WIF has generally been optimistic, managing market fluctuations and demonstrating robustness.
Daily charts show that WIF frequently tests significant support zones, and every time it does, the Simple Moving Average (SMA) responds favorably.
Currently, WIF is progressing through the initial phase of a five-phase Elliott Wave sequence, reaching a peak of $4.8. Interestingly, the Fibonacci Retracement indicator indicates that WIF is currently testing the 0.65 level again.
Should the coin maintain its value beyond the current point, our next projected milestone would be around $3.2. This suggests a potential 20% increase from the current market price, according to renowned analyst Mac’s recent observations on platform X (previously known as Twitter).
This objective coincides with the 1.618 Fibonacci point, a reasonable achievement considering WIF‘s ongoing growth trend.
Furthermore, the Relative Strength Index (RSI) appeared to be higher than its 20-day moving average (DMA), and it stayed within a neutral range. This suggested that the likelihood of profit-taking was diminished and there was potential for continued upward movement, without causing an overbought state.
WIF Long/Short accounts
By examining trader attitudes, it appears that approximately 59% of them are placing their bets on WIF not performing well (going short) at this time.
This implies that although short-term traders may focus on making immediate profits, the general perspective continues to be optimistic. For example, in the hours leading up to publication, the percentage of long positions increased from 36% to 40%, demonstrating a resurgence of bullish feelings among market participants.
On this trek, it appears that traders are strategically setting up their positions, aiming to reap profits in the future, as indicated by the short-term market data.
Solana-based memecoin market
Apart from its price fluctuations, the Solana-based meme coin, which sets the trend for the market, boasts a combined market capitalization exceeding $10 billion.
The daily trading volume for memecoins on the Solana network surpassed a significant figure of $2.3 billion, offering WIF an abundant supply of liquidity to propel its growth even further upward.
The substantial liquidity bolsters the notion that the value of WIF might surge by more than 20% before the year ends, making it an intriguing memecoin worth keeping an eye on in the forthcoming months.
Read dogwifhat’s [WIF] Price Prediction 2024–2025
It’s plausible that WIF will keep profiting from the buzz around Solana meme tokens. Its robust technology, increasing liquidity, and favorable trader opinions indicate that DogWifHat might offer significant returns for investors.
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2024-10-12 20:08