Popular meme coin Dogwifhat (WIF) has lately attracted attention because of its market performance. Over the last week, its value dropped by around 5%; but, over the prior month it sustained a 22% rally. Dogwifhat, which now commands a 0.10% portion of the market and has a market cap of $2.47 billion, is valued at $2.50.
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Bullish Indicators Start To Show
Recent comments on WIF’s potential price trajectory from crypto analyst Crypto Scient show a somewhat bullish view. Dogwifhat has displayed notable positive signs in its market structure, claims the analyst. Establishing this as a new support zone, the coin has effectively regained and turned a key 1-day support and resistance level at $2.25.
$WIF, Starting to look good again as the daily structure has flipped bullish again.
• Reclaimed and flipped key 1D S/R at $2.25 to support
• Flipped 1D 50 and 100EMA Bullish.Up next is key 1D resistance at $3.3 — Price makes an attempt to test this level over the next few… pic.twitter.com/OA3PbVAcsN
— Scient (@Crypto_Scient) July 27, 2024
Also moving up are the 50-day and 100-day exponential moving averages (EMAs). EMAs are important signs for traders because they help them spot changes in the trend and keep price swings in check. The change in these EMAs makes people more hopeful about WIF.
The resistance level at $3.30 marks WIF’s next noteworthy movement. WIF should try to reach this level in the next days to weeks, analysts forecast. Breaking through this barrier would open the path for significant higher action and maybe new all-time highs (ATHs). Investors should keep in mind that gains around $3.30 are likely to be important for risk management, so they should keep that in mind.
WIF Price Forecast
Based on CoinCodex’s present price estimate, Dogwifhat may climb to as high as 220% to reach $8.36 by August 28, 2024. The current market vibe surrounding the coin is negative even with this very optimistic long-term view.
Measuring market mood, the Fear & Greed Index comes out with a 74 (Greed). This suggests that the market could be headed for a correction as it seems to be too optimistic.
Dogwifhat has experienced 17 out of 30 green days with a price volatility of 17%. These numbers show the inherent risks in the crypto market even if they imply great possibility for a price growth.
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Investor Mood: Proceed With Caution
The recent short-term drop and pessimistic mood recommend caution for WIF even if the positive technical indicators and optimistic price projections present a good picture.
One should pay close attention to the significant resistance level around $3.30. Should this level not be broken, WIF’s price could revert to the $2.25 support, therefore defining a trading range between $2.25 and $3.30.
Featured image from Bestchange, chart from TradingView