- WIF records 35.5% increase in 30 days.
dogwifhat market cap surge by 1306% in 2024 as analysts eye $6 billion.
As a seasoned researcher with extensive experience in the cryptocurrency market, I have closely observed the recent developments surrounding Solana-based memecoin WIF or dogwifhat. Over the past month, this altcoin has been nothing short of a rollercoaster ride for investors and analysts alike.
In the past thirty days, the value and market capitalization of the memecoin Dogwifhat, which runs on the Solana blockchain, have significantly increased.
During the last month, the price of WIF has risen significantly from $2.18 to $2.59, and its market capitalization has experienced a substantial increase from $1.57 billion to $2.49 billion, based on data from Coincodex.
WIF prices surge
The present influx of excitement has sparked interest within the crypto world, leading analysts to make predictions and place substantial bets. For example, Team Lambo Charts on X platform expressed optimism about a particular altcoin’s potential, forecasting an imminent rally.
The price of $WIF has rebounded from its support level, and we’ve achieved a gain of approximately 80% so far. To reach our goal of $10, we now require a breakout above the resistance at $2.9. A potential pause in the upward trend may occur mid-term.
According to our assessment, following a 30% rebound from the lower trendline, WIF is projected to reach between $2.8 and $5 in the immediate future. A persisting upward trend could then propel the price up to $10 in the longer term.
Smith also expressed his confidence in the ongoing market expansion, forecasting continued increase in market value as mentioned on his X page.
Significant upward progress anticipated shortly. A target of over $6 billion is expected before October or November. The role of $wif in spearheading the “meme coin” surge towards great success cannot be overstated.
According to Forbes, dogwifhat has been the best-performing meme-coin throughout 2024.
In the year 2024, WIF demonstrated extraordinary growth with a remarkable increase of 1306%. As a result, given this consistent upward trend, WIF’s market capitalization holds great potential for continued expansion.
What WIF price chart suggests
AMBCrypto’s analysis shows WIF is experiencing a strong uptrend momentum over the past weeks.
From my analysis perspective, the Awesome Oscillator (AO) of WIF, calculated as of now, stands at a value of 0.57. This implies that the 5-period simple moving average (SMA) is above the 34-period SMA. The upward positioning of the shorter moving average in relation to the longer one signifies a prevailing uptrend or bullish momentum.
The MACD line showed a value of 0.15, signifying a favorable momentum as the short-term moving average surpassed the long-term moving average.
In a similar vein, the Aroon line serves as additional evidence with the Aroon-UP line reaching 78.57% above the Aroon-Down line at zero. This indicates robust upward momentum that is favorably positioned for further progression.
Based on my extensive experience and analysis of cryptocurrency market trends using Coinglass data, I have noticed that WIF has undergone a significant surge in open interest over the past month. Open interest for this altcoin has seen a remarkable rise from a mere $194.26 million to a peak of $374 million within just 30 days. This trend suggests an increasing demand and activity in the WIF market, which could potentially lead to further price increases or volatility.
As a researcher studying the crypto market, I’ve observed that investors are willing to pay a higher price and maintain their positions. This indicates their faith in the crypto’s future prospects.
Is your portfolio green? Check the WIF Profit Calculator
Can WIF sustain the uptrend?
At present, WIF is priced at $2.54 following a robust 12% increase over the last week. Should this positive trend persist, the memecoin may hit $2.916 in the near term.
Reaching this point could propel altcoins up to approximately $3.5 in the near future. If the positive trend continues unabated, Dogecoin might strive to surmount the subsequent resistance at roughly $4.13.
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2024-07-26 02:16