In the last 4 days, WIF has advanced by more than 40%, it is likely going to reclaim lost territories. Similarly, Intraday, it grew 20.74% to $2.16.
Notably, a meme coin, like WIF, can easily be swayed as it is highly volatile and prone to social media sentiment and real-world events. Similarly, many analysts and crypto enthusiasts are pouring bullish sentiment, and WIF is taking it.
@DexGemsReal shared one of his drawings of the WIF price chart on X. He drew attention by claiming on his chart that WIF could go to a new ATH with a 150% growth.
Other analysts have shown different bullish perspectives. One of the other leading factors was the bullish recovery witnessed in BTC. BTC went up to $64000 by July 15th, and the broader market resonated with it.
On the WIF chart, the all-time low was $0.2650 (marked at around February 23rd, 2024). Dogwifhat is trading nearly 700% above the low. Likewise, the all-time high was on Mar 31st, 2024, at $4.82. It is around 55% lower than its ATH.
33.42% of tokens are circulating in people’s hands, with the overall supply at 998.845 Million WIF.
What do Spot Data & Derivatives Data Indicate for dogwifhat (WIF)?
As per the witnessed green trading activity in dogwifhat (WIF) price in the past 24 hours, the market cap has also grown by 20.53%. This increased its rank and positioning to 44th in the global crypto market, with a market cap of $2.161 Billion.
24-hour volume displayed a 120% rise to a massive $724.398 Million. The volatility is low as the ratio between volume and market cap of 24 hours was 33.42%, signifying the possibility of hassle-free trading for investors (DYOR).
Per the Coinglass website, the derivatives volume has registered a gigantic surge of 127.81% to $1.94 Billion, and showed a surge in OI, where 27.37% of new contracts opened, totaling $302.47 Million.
Likewise, the liquidation data shows the dominance of longs over shorts, which depicted bearishness in price. However, in the last 4 days, the shorts have seen victory over the longs, and as of writing, shorts worth $1.83 Million liquidated.
At the same time, longs that were liquidated amounted to $708.42K. This signified that bullish interest was rising, and an outlook for a broader move appeared more likely in the coming sessions.
150% Gains Likely?
On the day timeframe chart, the price structure displayed a tremendous 1101% advancement in WIF price from $0.389 on February 26th, 2024, to $4.820 by March 31st, 2024.
However, the peak formed instability in dogwifhat price and developed support at $2.3119 after dipping to $1.96 by April 13th, 2024, which appears to be the volume profile level based on the significant high volume present at that level.
After it peaked at $4.08 on May 29th, 2024, it deteriorated sharply, shooting a breakdown by resonating with BTC.
WIF formed support at $1.497, which was critical at the time of writing, as it consecutively tried two times to break past the volume profile tool-based $2.3119 level.
If the price breaks the VP, the resistance would be $3.02 and $4.08. Failure to do so could lead back to $1.497, and knocking that could lead to a $1.01 mark.
Indicators-wise, the histogram in MACD looks to be growing above zero at 0.06645, while RSI has taken a jump from 14-SMA of RSI, as of writing flashed at 55.74.
Meanwhile, the price of WIF has breached the 50-day EMA on a micro-level from below, but for its price to fly, it needs a higher momentum to break past both the VP and dynamic resistance of the 50-day EMA band, respectively.
WIF surged 40% in 4 days, and analysts are bullish. It is up 700% from its all-time low but 55% below its ATH. Market cap is $2.16 Billion, and its trading volume is high. $2.3119 is a key resistance level, which, if broken, the price could reach $4.08.
