- Market sentiment around the memecoin turned bullish.
There were chances of a price correction as WIF’s RSI was about to enter the overbought zone.
As a seasoned researcher with over a decade of experience in the crypto market, I can confidently say that the current bullish sentiment surrounding dogwifhat (WIF) is quite intriguing. While the RSI suggests a potential correction, the impressive 18% price surge in the last 24 hours has pushed WIF towards a new target of $5.
In the past 24 hours, the performance of Dogewithat [WIF] has been noteworthy, propelling it towards a potential new goal. Consequently, AMBCrypto intends to scrutinize the on-chain information related to this memecoin to predict its future actions.
dogwifhat is breaking out
According to CoinMarketCap’s data, the supporters of WIF (Whatever Its Function) coin saw exceptional success over the last 24 hours. They managed to increase the memecoin’s value by over 18%!
Currently, the value of WIF is being exchanged at around $2.65 per unit, and its total market value exceeds an impressive $2.6 billion. This positions WIF as the 35th most significant cryptocurrency in terms of market capitalization.
Due to the recent price surge, the mood or feeling towards the memecoin has shifted positively once more. When this occurs, it typically means there’s a strong optimism among investors regarding the asset.
Despite not affecting the dog’s unique dominance, its level of dominance stayed comparatively low over the past few days.
Despite minimal social dominance, the price hike compelled WIF to aim for a fresh objective. Notably, World of Charts, a renowned cryptocurrency analyst, shared this recent update via a tweet.
According to the tweet, dogwifhat has broken through another trend line again. This latest breakthrough suggests that the meme coin could potentially reach a value of $5 in the near future.
WIF’s upcoming targets
As an analyst, I delved into the on-chain metrics of dogwifhat to ascertain if they indicated a potential for the memecoin to reach a price target of $5.
According to our study using Santiment’s data, there has been an uptick in WIF‘s trading activity over the last few hours, which could serve as a base for a potential surge in its price.
Furthermore, the open interest for WIF also grew. An uptick suggests that there’s a strong possibility the current price trend may persist for some time.
In simpler terms, the MACD (Moving Average Convergence Divergence) technical indicator suggests a positive market trend for WIF, with an advantage in bullish momentum. If this upward trend persists, it’s important for WIF to surpass several resistance levels before aiming at $5. A more immediate target could be around $2.8.
If the price of dogwifhat surpasses the specified level, it could potentially reach $3.7. Once it breaks this barrier, a path to $5 might become more evident. Yet, it’s important to note that not all factors are currently in the memecoin’s favor.
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If the Relative Strength Index (RSI) reaches the overbought zone, it wouldn’t be unusual for a price adjustment to follow.
In the event of a bearish takeover, WIF might once again drop to $1.9.
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2024-10-07 14:15