Dogwifhat (WIF) Jumps 21% As Analysts See $4.5 Price Tag
July 02 2024 - 12:25AM
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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. Related Reading: Ethereum
Goes Budget-Friendly: Transaction Fees Drop To Lowest Since 2016
Wags And Trades: A Market Rejuvenated The rally has been fueled by
a potent cocktail of factors. Renewed interest from traders on both
Spot and Derivatives markets has seen WIF’s daily trading volume
explode, surpassing a staggering $507 million. This surge in
liquidity indicates a market eager to jump back on the Dogwifhat
bandwagon. The party extends to the world of derivatives, with
trading volume spiking by 53.9%. The Open Interest (OI) indicator,
a gauge of open leveraged positions, also saw a healthy 25%
increase, suggesting traders are placing big bets 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 It’s like letting the dogs out after
a long nap. The pent-up demand for WIF is finally unleashed, and
it’s creating a feeding frenzy. Will this canine-themed meme coin
sustain the rally? Maybe. Maybe not. Price Predictions: Chasing A
Double-Digit Dream Analysts are scrambling to adjust their price
targets in light of WIF’s recent bravado. Market Spotter, a popular
crypto forecasting firm, has revised its prediction to a
conservative $4.50 for WIF in the next bull run. However, some
analysts have even bolder visions. Bluntz Capital, the crypto
soothsayer who accurately predicted WIF’s bottom in June, is
barking up a double-digit price target. Citing the Elliott Wave
Theory, a technical analysis tool, Bluntz believes WIF is poised
for a significant upward trajectory. This recent upswing is the
first impulsive 5-wave rise the market has seen in months, declared
the analyst. This could be the beginning of a truly epic journey
for Dogwifhat. 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 While technical indicators and
charts paint a bullish picture, it’s crucial to remember the heart
and soul of Dogwifhat: its vibrant community. The passionate army
behind WIF continues to keep the meme coin relevant through a
constant stream of hilarious dog-themed memes and community
airdrops. This unwavering support creates a powerful force that
can’t be ignored in the often whimsical world of meme coins.
Related Reading: Bitcoin Weekend Trading Takes A Siesta: Volumes
Plunge To Record Lows WIF Price Prediction Meanwhile, the forecast
for Dogwifhat (DWFH) is highly optimistic, with a projected price
increase of 223% to $7.30 by July 31, 2024, according to CoinCodex.
This bullish outlook is supported by market sentiment and technical
indicators. The current sentiment is bullish, reflecting positive
short-term prospects, while the Fear & Greed Index at 53
indicates a neutral market environment. This neutrality suggests
stability, with market participants awaiting further signals. In
the past month, Dogwifhat has had a mixed performance with 37%
green days, showing 11 out of 30 days of positive price movement,
and a significant 22.27% price volatility. This high volatility
indicates substantial price fluctuations, appealing to short-term
traders but posing risks for long-term investors. Featured image
from Westend61, chart from TradingView
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