Dogwifhat Price Analysis: Is This the Start of a Bull Run?
0
Dogwifhat (WIF) price is trading at $2.44 at the time of writing, with daily gains of 6.97% and an impressive weekly gain of 41.98%.
Several factors are driving the âdog in a hat memecoin,â even though we are seeing some corrections in the overall cryptocurrency market.
The main driver for WIF is an overall rally in the memecoin market, with altcoins showing the second-best performance in CoinMarketCapâs memecoin chart, second only to Bonk.
Current Bitcoin levels are favorable for meme coins.
In the memecoin sector, not only meme cryptocurrencies are making excellent returns, but also their launchers are boasting notable gains: this is the case of GraFun, a platform that in just its first 24 hours of launch recorded a volume of 250 million dollars on PancakeSwap.
This performance has been matched by the performance of Solana (the Blockchain on which the WIF memecoin was developed), as several analysts are optimistic about SOL trading above $120.
However, at this point it is worth analyzing the charts to get a clear perspective on what the key levels are.
Worldcoin: This week's highlights
WIF Chart Analysis: Key Levels
The rally in WIF price became significant with the key level of $1.90 being broken. Now the key level to break is $2.57 and the next major resistance would be at $2.89.
Once this last level is surpassed, the price could head towards $3, which would be another important level to recover.
As for the supports, we can mention the $2.4 as an immediate support level. The price needs to hold at the $2 level if it wants to maintain the current ranges.
Specifically, the most important support is located at $1.94 and its loss could extend to $1.44.
The Relative Strength Index over the past month shows that WIF is neither overbought nor oversold and that the bulls are in control.
It is also worth mentioning some notable analyses that agree on several ideas, such as the fact that WIF broke out of a falling wedge pattern:
«Dogwifhat has broken out of its macro downtrend. WIF is about to start a new macro uptrend.»
Rekt Capital's outlook is highly optimistic, although the analysis period is actually quite short. It would be preferable to wait for a break above $2.52.
Macroeconomic calendar: Bitcoin ready for a new week of data
The memecoin market is booming
It is worth noting how the market capitalization of memecoins rose by 6.8% in just 24 hours, surpassing the $51 billion mark, reaching August levels.
Dog-themed coins have soared despite recent poor performance.
It is worth noting that the performance of memecoins and other altcoin sectors is usually less pronounced when Bitcoin rises. While a BTC settlement at key levels (as is currently happening) is beneficial for the market.
The price of Bitcoin is at key levels, trading above the $60,000 level, which is allowing some altcoins to rise.
Similarly, a drop in BTC below $60,000 could lead to major pullbacks for memecoins.
