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The latest increase in Dogwifhats price was triggered by a rejection last month. It recovered and traded in a tight range, but now looks set to break out of a key resistance while its mid-term structure remains weak. Continuing the recent bounce off the key $1 level, WIF showed signs […]
WIF staged a double-digit rally over the past week as memecoin traders piled into fresh positions.
Meme coins have been sliding in recent weeks. According to Coingecko, all meme coins’ total market cap is around $42 billion. Dogecoin remains the most valuable, with a market cap of over $15.4 billion, followed by Shiba Inu, which has a market cap of around $8 billion. It has been a turbulent few trading months for meme coins, whose valuation is down from over $65 billion in Q2 204. WIF Struggling, Is This The “Most Bearish Meme Coin”? Though Bitcoin is turning the corner, a development that can yank top altcoins like Solana and meme coins higher, one analyst is bearish on DogWifHat (WIF). According to Coingecko, WIF is one of the top meme coins on Solana, commanding a market cap of over $1.5 billion and a slot in the top 5. Related Reading: POPCAT Jumps 20% As Whales Load Their Bags, Is A Cat Season Ahead? While WIF might be up over 98,000% after dropping to all-time lows of $0.00155 in December 2023, the token is down 68% from recent all-time highs. WIF prices exploded, riding on Solana expansion and the meme coin fever that swept across the industry in the first half of the year. The analyst now thinks WIF will likely dump in the coming sessions. Driving this outlook is the state of the chart pattern, which points to weakness all through. From how the WIFUSDT chart is aligned, the token, the analyst claims, could be the “most bearish of all major meme coins.” Bulls Have A Chance If Bitcoin Recovers, DogWifHat Finds Resistance At $2 While there is optimism that WIF could bounce and benefit from the market-wide recovery, the current bearish structure damps optimism. From the analyst’s assessment, buying the meme coin at spot prices is risky. The only time traders can consider loading WIF is once it breaks out from the descending wedge, as is evident in the daily chart. Related Reading: Legendary Bitcoin Puell Multiple Finally Enters Buy Territory In summary, WIF is down nearly 50% from July highs. Although prices recovered after the bounce in early August, buyers didn’t build sufficient momentum to reverse losses. The immediate resistance is $1.99, while support is $1.30. For the uptrend to take shape, WIF bulls must break above $2, ideally with rising trading volume. In turn, this may set the momentum for another leg up that could see the token expand to as high as $3–or July highs in a bull bar continuation formation. Feature image from iStock, chart from TradingView
In the latest recovery, meme coins are charting the most gains along with Dogwifhat, which has increased by over 70% since it tested a key level on Monday. The price is strong but the bearish bias remains intact. After losing momentum for two weeks, WIF found a solid ground an […]
Dogwifhat (WIF) has recently demonstrated significant bullish momentum, as its price surged 19% to break through the $1.5 critical resistance level. The breakout above this key resistance suggests increasing buying pressure for the cryptocurrency and opens up new possibilities for further upward movement. As WIF maintains its momentum above the $1.5 resistance mark, the question is whether the bulls can continue driving the price higher toward the next resistance level at $2.2, or if a pullback is imminent. This article aims to inform the audience about the significant price movement of Dogwifhat, provide a detailed technical analysis of the breakout above the $1.5 resistance level, and assess market sentiment along with potential future price directions including key levels to watch. WIF was trading at around $1.69 and has increased by over 19% with a market capitalization of over $1.7 billion and a trading volume of over $734 Million as of the time of writing. In the last 24 hours, the assets market cap has increased by more than 19%, while its trading volume has decreased by more than 20% Technical Analysis: Breaking Through $1.5 Resistance Currently, the price of WIF on the 4-hour chart has printed two bullish candlesticks, surpassing the $1.5 resistance mark towards the 100-day Simple Moving Average (SMA). Since breaching this key resistance level, the digital asset has experienced a consistent upward trend, suggesting that bulls are taking control and could further drive the price higher. Additionally, an analysis of the 4-hour Relative Strength Index (RSI) shows that the signal line of the indicator has successfully risen above 50% and is currently heading to 70%, suggesting that buying pressure is increasing and the asset might experience more upward movement. On the 1-day chart, although WIF is still trading below the 100-day SMA, it can be observed that the crypto asset with a single bullish momentum candlestick has surged past the $1.5 resistance level. With this recent bullish momentum, the meme coin could extend its rally toward the next resistance level at $2.25. Finally, on the 1-day chart, the RSI signal line is ascending from the oversold zone toward 50%, further supporting the potential for a continued bullish move and indicating that buying pressure in the market is stronger than selling pressure. Potential for Further Gains: What to Expect For WIF As WIF’s price continues to gain traction, it is expected to approach the next key resistance level at $2.2. Should the price break and close above this level, it may continue its bullish move toward the next resistance point at $3.58 and potentially advance to even higher areas. However, if WIF encounters resistance at the $2.2 mark and experiences a rejection, it could start to decline toward the $1.5 level. Should the price break below this support level, it may signal a further bearish move, leading to additional declines towards the $1.02 mark and beyond. Featured image from YouTube, chart from Tradingview.com
Dogwifhat (WIF) has recently demonstrated a remarkable recovery, capturing the attention of both analysts and investors. The cryptocurrency saw a significant surge in its value, showcasing strong performance amidst a volatile market. Despite this recent upswing, WIF had a challenging week. The token’s value dropped nearly 22%, reaching a low of $1.09. However, WIF rebounded […]
Crypto traders claim that Dogwifhat will likely retest the critical support level as its price and open interest have both plummeted since July 27.
In the world of memecoins, Popcat ($POPCAT) is the latest sensation, mirroring the explosive performance of WIF, which skyrocketed by 800% after its Binance USD-M listing. With a fully diluted valuation (FDV) of $410 million, WIF set a high bar. Now, Popcat, with a $500 million FDV, seems poised to […]
The largest holder of $WIF, who has already secured over $68 million in profits, is doubling down on their investment, signaling continued confidence in the tokens potential. In the past three days, this whale investor has made significant moves, depositing 21.9 million $WIF (worth $35.48 million) into Kamino and borrowing […]
Crypto holders with stakes in Dogwifhat (WIF) and BNB are facing a challenging period as both coins experience significant downturns. Amid these market challenges, contributors are gravitating towards BlockDAG (BDAG), attracted by its impressive $67.7 million presale that remains unaffected by the markets turbulence. The recent public debut of BlockDAGs
Dogwifhat (WIF) continues to maintain bullish momentum above the crucial $1.5 level, following a successful breakout above this level. This sustained momentum has sparked speculation about whether the asset is gearing up for a more significant rally or if this momentum might eventually lose steam. As WIF remains resilient above the $1.5 level, this article will offer a technical analysis, utilizing key indicators to assess its current price performance and evaluate the potential for a larger rally, providing insight into the implications for the asset’s future. In the last 24 hours, Dogwifhat has gained a 5.03% increase, reaching approximately $1.53. The meme coins market capitalization has surpassed $1.5 billion, with trading volume exceeding $421 million. Over this period, the market cap has increased by 4.64%, while trading volume has surged by 49.84%. Current Price Action: Evaluating Dogwifhat Performance Above $1.5 Dogwifhat currently, is displaying bullish resilience above the $1.5 level, trading slightly below the 100-day Simple Moving Average (SMA) on the 4-hour chart. If the cryptocurrency maintains its strength above this key level, it could potentially set the stage for a larger rally. Also, the position of the Composite Trend Oscillator indicator shows that WIF could be poised for further price gains. The signal line and the SMA of the indicator have risen above the zero line, suggesting that bullish pressure remains strong in the market. On the daily chart, WIFs price is holding steady after a successful breakout above the $1.5 mark. This resilience suggests that the bulls may continue to dominate, potentially driving the price higher towards the $2.2 mark and the 100-day SMA. Finally, the 1-day composite trend oscillator indicator suggests that Dogwifhat has a strong potential to extend its bullish movement. Both the signal line and the SMA of the indicator are currently in the overbought zone, with the signal line attempting to cross above the SMA. This suggests that an additional upside move could be imminent for the cryptocurrency. Potential For A Larger Rally: What to Watch Out For As WIF’s price continues to maintain its current resilience above the $1.5 mark, it is expected that the crypto asset could start a rally toward the next key resistance level at $2.2. Should the price break and close above this level, Dogwifhat may continue its bullish move toward the next resistance point at $3.58 and potentially advance to even higher areas. However, if WIF faces resistance at the $2.2 mark and experiences a rejection, it might begin to decline towards the $1.5 level. When the price breaks below this support, it could signal more bearish movement, potentially leading to further declines toward the $1.02 mark and beyond. Featured image from YouTube, chart from Tradingview.com
Joining other meme coins in the latest surge, Dogwifhats price jumped 15% in the last 24 hours after establishing new support. While its mid-term bearish bias remains intact, it currently shows strength daily. The psychological $1 level has held well this month as Dogwifhat failed to extend its mid-term bearish. […]
Most meme coins have experienced significant reductions in the past few days with Dogwifhat which is now back in a downward range after a short retracement. It is currently one of the top losers with an 8% drop. Following a little suspense in the bearish correction, which came after locating […]
WIF price risks declining by another 48% due to the formation of a classic bearish reversal setup.
The WIF price risks declining by another 48% due to the formation of a classic bearish reversal setup.
The memecoin creation platform's record monthly income showcases the growing retail interest towards Solana-based memecoins like WIF and BONK.
Following a widespread crypto market crash on Friday, the price of Ethereum took a severe price hit falling by about 10%. While the prominent altcoin has made a minor recovery since then, its price slip has revealed some vital information on the holdings of Tron founder and key crypto figure Justin Sun. Related Reading: Doomsday for Ethereum? A Crash Down To $1,500 Is Coming, Says Skeptic, Heres Why Justin Sun $66 Million Loss, Motive For Massive Bitcoin Buy Offer? Amidst the market mayhem on Friday, blockchain analytics platform Spot on Chain shared an intriguing report on Justin Suns investments in Ethereum. In an X post, Spot on Chain stated that Sun has allegedly acquired 361,000 ETH (worth $1.1 billion) over the last five months. The Tron founder reportedly made this investment using three different wallet addresses purchasing 169,604 ETH with 0x7a9 in February at an average price of $2,870, 176,118 ETH with 0x435 in April at $3,177, and 15,416 ETH with 0xdbf in June at $3,474. Spot on Chain noted that the aforementioned addresses always received ETH deposits from Binance following Suns stablecoin deposits on the exchange thus leading to suspicions that the Tron founder served as owner of these wallets. Following the repayment of creditors by defunct exchange Mt. Gox, coupled with a consistent massive Bitcoin sell-off by the US and German governments, the price of Bitcoin has plummeted by 10% over the last two days falling as low as $53,717. Unsurprisingly, this decline soon extended across the crypto market, with Ethereum crashing by a similar percentage to trade at $2810, marking its lowest price in the last five months. At that point, Justin Suns alleged ETH investments reached a $66 million loss. Interestingly, the Tron founder had reached out to the German government on Thursday to negotiate the sale of their remaining BTC holdings valued at $2.3 billion in a private transaction order. However, it remains unknown if the German government will take up this offer as Sun attempts to reduce the impact of their constant BTC sell-offs on his personal investments and the general crypto market. At the time of writing, Ethereum has shown resilience since its earlier slump rising by about 5% to currently trade at $2,975. In tandem, the tokens daily trading volume is up by 47.33% and valued at $30.47 billion. Related Reading: Analyst Predicts Ethereum Nosedive, Cautions Investors To Prepare For $2,700 Target Solana, Others Record Market Gains Amidst Market Crash While the general cryptocurrency remains in a downtrend, with the total market cap down by 1.02%, several assets have managed to stay afloat providing investors with some form of relief. According to data from CoinMarketCap, Solana is one of these assets, with a 4.99% daily gain alongside other prominent tokens such as Avalanche (AVAX) and Shiba Inu with respective gains of 3.99% and 3.70% respectively. Notably, prominent meme coin dogwifhat leads the resistance with the highest daily gain of 12.28%. Featured image from Bloomberg, chart from Tradingview
Dogwifhat appeared to be regaining traction after witnessing a serious crackdown in the past few days. It has established base support and now signals a bullish reversal with a double-bottom. After revisiting the $4 level in May, the following month saw WIF through its biggest loss since it started to […]
Dogwifhat, the once-high-flying Solana-based meme coin, suffered a brutal week, mirroring a broader crypto market correction and raising questions about the sustainability of the meme coin craze. Related Reading: Dogecoin Decimated: $5 Million Liquidation Sparks 14% Price Plunge Meme Coin Mania Meets Market Mayhem WIF, the token powering Dogwifhat, saw its price plummet 15% in just 24 hours. This dramatic drop erased all the gains from a recent rebound rally. The sell-off wasn’t isolated to Dogwifhat; the entire crypto market experienced a double-digit tumble, with major altcoins like Ethereum and Cardano feeling the heat. Analysts point to a combination of factors behind the downturn, including renewed concerns about inflation and a recent sell-off by the German government and Mt. Gox, a defunct cryptocurrency exchange. The price of $WIF dropped 15% as the market fell. A whale deposited 900K $WIF($1.64M) to #Bybit 10 hours ago, leaving 974K $WIF($1.76M).https://t.co/qJwlxcWy15 pic.twitter.com/amIkvwKfNG Lookonchain (@lookonchain) July 4, 2024 The pain for Dogwifhat was further amplified by a whale of a different kind: a large investor. LookOnChain, a blockchain whale tracking agency, identified a major Solana whale dumping 900,000 WIF tokens in a series of transactions. This fire sale, amounting to roughly $1.64 million, undoubtedly contributed to the downward spiral. Dogfight On Derivatives: Bulls Trampled, Bears Feast While the Spot market witnessed a bloodbath, the WIF derivatives market displayed a curious mix of activity. Trading volume surged by a surprising 25%, propelling Dogwifhat to the coveted title of third most-demanded meme coin behind Dogecoin and Pepe Token. This surge in volume might suggest increased interest, but a closer look reveals a different story. Lurking beneath the surface was a brutal battle between bullish and bearish investors. More than $3 million in WIF positions were liquidated in the last 24 hours. This liquidation primarily targeted long positions, meaning investors who bet on the price going up were forced to sell at a loss as the price plummeted. While some might see the increased volume as a sign of potential revival, the liquidation figures paint a starker picture many bulls got trampled by the bears feasting on the market downturn. A Buying Opportunity Or A Boneheaded Move? Despite the carnage, not everyone has lost faith in Dogwifhat. The plummeting price has attracted some opportunistic “Solana whales” who view the current price as an attractive entry point. This glimmer of hope hinges on the possibility that Dogwifhat can recapture its past glory. Related Reading: Buy The Dip? XRP Whales Doing Exactly That Is A Price Rally Next? In Q1 2024, Dogwifhat was a meme coin darling, riding the wave of the meme coin craze to a $4 billion market cap and a place in the top 30 global crypto rankings. However, the recent downturn serves as a stark reminder of the inherent volatility of meme coins, which often lack the utility or strong fundamentals of established cryptocurrencies. The future of Dogwifhat remains uncertain. Whether it can claw its way back from the doghouse or fade into obscurity depends on several factors, including broader market trends, community support, and potential developments within the Dogwifhat ecosystem. Featured image from Shutterstock, chart from TradingView
In the CoinMarketCap 2024 H1 report, Solana-based meme coins have shown significant performance, with Dogwifhat (WIF) and BONK leading the charge. Dogwifhat, in particular, surged by 12.34% within a 24-hour period, driven by robust community efforts and the innovative platform Pump.fun. Remarkably, Pump.fun even surpassed Ethereum in daily revenue, achieving […]
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