The popular meme coin Dogwifhat (WIF) has recently attracted attention due to its market performance. In the last week, its value has fallen by around 5%; but, compared to the previous month, it has sustained a 22% recovery. dog with hat, which now commands a 0.10% share of the market and has a market value of $2.47 billion, is valued at $2.50.
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Bullish indicators begin to appear
Recent comments on WIF’s potential price trajectory by crypto analyst Crypto Scient paint a somewhat bullish view. Dogwifhat has been showing notable positive signs in its market structure, the analyst claims. Establishing this as a new support zone, the coin has effectively bounced back and reached a key 1-day support and resistance level at $2.25.
$WIFStarting to look good again as the daily structure has turned bullish again.
• S/R 1D recovered and reversed at $2.25 for support
• Reversed 1D 50 and 100EMA bullish.Next up is key 1D resistance at $3.3 – Price makes an attempt to test this level in the coming… https://t.co/7RtYCcPCtu pic.twitter.com/OA3PbVAcsN
– Scientist (@Crypto_Scient) July 27, 2024
The 50-day and 100-day exponential moving averages (EMAs) are also rising. EMAs are important signals for traders because they help them spot trend changes and keep price swings in check. The shift in these EMAs makes people more hopeful about WIF.
The resistance level at $3.30 marks the next noteworthy move for WIF. WIF should attempt to reach this level in the coming days or weeks, analysts predict. Breaking this barrier would pave the way for higher action and perhaps new all-time highs (ATHs). Investors should keep in mind that gains around $3.30 will likely be important for risk management, so they should keep this in mind.
WIF Price Forecast
Based on CoinCodex’s current price estimate, Dogwifhat could rise up to 220% will hit $8.36 on August 28, 2024. The current market vibe around the coin is negative, even with this very bullish long-term view.
Measuring the market mood, the Fear and Greed Index comes out at 74 (Greed). This suggests that the market may be heading for a correction as it appears overly optimistic.
Dogwifhat experienced 17 out of 30 green days with a price volatility of 17%. These numbers show the risks inherent in the crypto market, even if they imply a high possibility of price growth.
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Investor mood: proceed with caution
The recent short-term decline and bearish mood recommend caution for WIF, even though positive technical indicators and optimistic price projections paint a good picture.
Close attention should be paid to the significant resistance level around $3.30. If this level is not broken, the WIF price could reverse towards the $2.25 support, thus defining a trading range between $2.25 and $3.30.
Featured image from Bestchange, chart from TradingView