The knitted-hat-wearing canine of the crypto world, Dogwifhat (WIF), is back in the spotlight. After a price slump in April, WIF has rekindled its meme magic, surging 21% in the past week and reigniting dreams of a $5 price target.
Wags And Trades: A Market Rejuvenated
The rise has happened for a number of strong reasons. Traders are once again interested in both the Spot and Derivatives markets, which is why WIF’s daily trading volume has reached an amazing $507 million. This rise in liquidity makes it look like the market is ready to jump back on the Dogwifhat bandwagon.
The celebration continues in the futures market, where trade volume increased by 53.9%. A robust 25% increase was also observed in the Open Interest (OI) indicator, which measures open leveraged positions. This suggests that traders are making significant wagers on WIF’s future.
The price of $WIF is moving exactly as we predicted and broke the trendline of resistance.
Get ready #Spotters, the target for #Dogwifhat is $4.5. pic.twitter.com/RdNCT2JabP
— Market Spotter (@MarketSpotter) July 1, 2024
Comparable to letting the dogs go after a protracted slumber. There’s a feeding frenzy going on because the long-suppressed demand for WIF has now been released. Will the uptrend continue with this meme coin with a dog theme? Perhaps. Perhaps not.
Price Predictions: Chasing A Double-Digit Dream
Analysts are scrambling to adjust their pricing projections in light of WIF’s recent bellicose remarks. Market Spotter, a reputable cryptocurrency forecaster, has revised its projection for WIF in the impending bull run to a cautious $4.50. Meanwhile, some experts have even bolder suggestions.
Bluntz Capital, the cryptocurrency prophet who correctly identified WIF’s June low, is announcing a double-digit price objective. Bluntz thinks WIF is up for a big rise, citing a technical analysis tool called the Elliott Wave Theory.
The analyst said that the market has not seen an abrupt 5-wave increase like this one in months. For Dogwifhat, this might be the start of an incredibly amazing trip.
starting to feel confident $wif bottom is now in.
not only did we get a nice 70% correction from peak to trough down to $1.46, but the structure played out in a long drawn out 3 waves exactly as i wanted to see as outlined in OP.
we now also have an impulsive 5 wave rise from… https://t.co/p5HhwIZz0t pic.twitter.com/2ilQvaMC2c
— Bluntz (@Bluntz_Capital) June 28, 2024
Memes And Community Fuel The Fire
Although the technical indicators and charts point to a bullish prognosis, Dogwifhat’s active community is its lifeblood and should not be overlooked. The passionate crew behind WIF keeps the meme coin current with a constant stream of funny dog-themed memes and community airdrops. This steady backing creates a force that is too powerful to be disregarded in the somewhat illogical world of meme currency.
WIF Price Prediction
But CoinCodex projects a quite positive 223% price rise for Dogwifhat (DWFH) by July 31, 2024, bringing it to $7.30. Technical data as well as market attitude support this hopeful stance.
Although the Fear & Greed Index is at 53, suggesting a neutral market, present attitude is upbeat and with great short-term expectations. Absence of bias suggests stability since investors wait for more indications.
Dogwifhat’s success over the last month has been all over the place. Only 11 of the 30 days saw price growth, or 37% of the days; this is a very high volatility rate of 22.27%. This high volatility means that prices will change a lot, which is good for speculators with short-term investment goals but bad for people who want to save for the long run.
Featured image from Westend61, chart from TradingView