- WIF declined by 11.86% over the past 24 hours.
An analysts eyes a continuation of the monthly uptrend citing Elliot’s wave 3.
As a seasoned researcher with over two decades of experience in the financial markets, I have seen bull runs and bear markets come and go. The recent performance of dogwifhat (WIF) has piqued my interest, and after a thorough analysis, I find myself cautiously optimistic about its future prospects.
For about a month now, the memecoin Dogewhatsit (WIF), which ranks fourth in market capitalization, has seen a continuous spike. Consequently, on monthly charts, WIF has skyrocketed by approximately 35.69%, climbing from a bottom of $1.38 to reach $2.63.
Over the past week, WIF has seen a small decrease. Currently, WIF is being traded at $2.15. This represents a 0.04% drop over the course of the month, with an additional 11.86% dip in the last day, reinforcing the downward trend.
Under the present market circumstances, there’s uncertainty as to whether WIF can regain its previous monthly peaks or if the downward trend will continue.
According to well-known crypto analyst Decode Trading, it’s anticipated that WIF will persist in its upward trend based on the Elliot wave theory.
Market sentiment
According to Decode’s assessment, it appears that WIF has reached a low point during wave 2. Now, we are witnessing wave 3, which consists of an internal structure where wave 4 has been completed, and wave 5 is still pending. Moreover, WIF has already tested the daily channel.
As a researcher, I’m indicating that completing wave 2 signifies the terminus of the ongoing market correction, suggesting a potential shift in market dynamics.
After completing this phase, we find ourselves in Wave 3, often considered the most powerful. The internal makeup of this wave suggests that Wave 4 has already finished, and it’s likely that Wave 5 will push prices even higher.
Because WIF has previously tested a significant support level and managed to maintain it, this enhances the optimistic perspective for a bullish trend.
What WIF’s fundamentals show
From the viewpoint of the Elliott Wave, there seems to be a possible trend reversal following the recent downturn. However, it’s crucial to examine the underlying factors to gain a clearer understanding.
As a crypto investor, I’ve noticed an interesting development over the past few days. The Supply Netflow of WIF has shifted into negative territory. This implies that the amount of WIF available on exchanges is decreasing, which could potentially lead to increased demand and possibly price fluctuations in the future. It’s always fascinating to keep track of these market dynamics!
This market conduct lessens the urge to sell, suggesting optimistic attitudes among investors since they prefer to keep their investments, expecting further profits.
Furthermore, the accumulated funding rate broken down by asset for the past week has consistently been positive. This indicates a growing trend of investment flowing into WIF from individuals who anticipate prices to rise.
In summary, a favorable OI-weighted funding rate adds more strength to the need for long positions, meaning individuals holding long positions are prepared to compensate those in short positions.
Read dogwifhat’s [WIF] Price Prediction 2024–2025
Essentially, despite showing a dip on its day-to-day graphs, it appears that WIF could be an attractive choice for long-term investments.
Based on the current market trends, I anticipate that I will aim for a resistance level of around $2.33 in the near future. If we manage to break through this barrier, it’s likely that the price will rise to reach approximately $2.63. On the flip side, if there’s a decline, we may find support at around $1.90.
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2024-10-03 15:04