- Memecoin mania likely to be back per recent narrative mindshare data.
Will WIF recovery benefit from the renewed market interest?
As a seasoned researcher with years of experience observing and analyzing cryptocurrency markets, I find myself intrigued by the recent surge in memecoins and the potential impact on Dogwifhat (WIF). Having closely followed WIF’s performance since its impressive start earlier this year, I can attest to its volatility and ability to surprise.
As a researcher studying the cryptocurrency market, I found that Dogwifhat (WIF) was one of the top-performing memecoins during the first half of 2024. However, its growth started to slow down at the beginning of the second half (H2). In July and August alone, WIF experienced a significant decline of more than 60%, dropping down to $1.0.
Nonetheless, it has recuperated by approximately 65% and almost touched $2 during the latest market surge, indicating a renewed fascination with the memecoin story.
‘Memecoins at the No.1 spot for mindshare. The dethroning of AI’
Will the memecoin surge boost WIF?
According to AMBCrypto’s assessment, the WIF‘s Futures market stood third when considering Open Interest (OI), as reported at the time of writing.
According to data from Coinglass, the Open Interest (OI) for WIF stood at approximately $251 million, which positions it as the third most liquid memecoin in terms of inflow.
As someone who has been closely monitoring the cryptocurrency market for several years now, I have come to understand that meme coins and their traction can often impact other digital assets like WIF. My personal experience tells me that when meme coins see a surge in popularity, it’s not uncommon for that momentum to extend to other areas of the market. In this particular case, if we observe an increase in overall meme coin traction, it could potentially lead to increased interest in WIF as well.
As a crypto investor, I’ve noticed a bit of optimism brewing in the derivatives market, but the general feeling in the spot market remains fairly balanced, leaning more towards a neutral standpoint rather than a strong bullish or bearish stance.
According to Santiment’s analysis, the weighted sentiment has significantly decreased from its recent highs back to a neutral point, as observed at the moment of this writing.
In simple terms, this implies that the Women’s Institute for Freedom’s (WIF) price may fluctuate unpredictably. Now, let me ask you, what significant price points should we focus on in the immediate future?
Let’s explore the 4-hour chart for some clues.
WIF’s price action
Using a Fibonacci retracement tool (in yellow), we traced levels between the high in July and the low in August. Over the weekend, the 61.8% Fib level ($1.7) functioned as temporary support during the short-term price fluctuations.
As a seasoned investor with over a decade of experience in the cryptocurrency market, I have learned to always keep an eye out for trends and patterns that could potentially lead to significant gains. In this case, if the meme coin manages to renew interest in pumping WIF, my personal opinion is that it would be wise to pay close attention to two key levels: the 50% and 38.6% Fibonacci retracement levels.
On the downside, two potential support areas might be worth considering in the near future: the 78.6% Fibonacci level and the “breaker block” region, both of which are highlighted in white around $1.6.
Realistic or not, here’s WIF’s market cap in BTC’s terms
The Relative Strength Index (RSI) and Chaikin Money Flow (CMF) indicators suggest that demand and supply for WIF have slowed significantly, implying that the price of WIF might move in any direction.
Therefore, keeping an eye on these significant levels and the overall trend of meme coins might prove vital before placing any wagers.
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2024-08-12 10:16