Cryptonews Industry Talk Is It Too Late to Buy DogWifHat? WIF Price Turns Green and This Other Meme Coin Could Be Next to Explode
Is It Too Late to Buy DogWifHat? WIF Price Turns Green and This Other Meme Coin Could Be Next to Explode
As WIF price recovers from a correction and turns green again, investors are looking for the next big meme coin opportunity. Image by Kerem Goktug Kaya, DALL-E 3.
Introduced as a playful rival to the first meme coin Dogecoin, Solana-based DogWifHat ($WIF) has caught the attention of investors. Since its launch in December 2023, WIF has seen major trading activity, including a 750% price increase leading up to January 17, followed by a correction phase. Currently, WIF is demonstrating signs of another upward trend.
An important moment for WIF was its January 18 listing on Binance, which increased the coin’s visibility and accessibility, contributing to its bullish momentum.
As a rival to Dogecoin, WIF taps into the large community and the overall cultural phenomena of dog-themed meme coins. The playful and viral nature of such coins often drives market sentiment, leading to rapid price movements and increased profit potential.
Analyzing WIF Price Action
The WIF price, currently at $0.3668, reflects a positive 24-hour change of 4.31%, despite a 7-day decline of 3.14%. The 30-day performance shows an impressive 132.90% increase. These figures suggest a strong recovery and potential for further growth.
Moving Averages and MACD
The exponential moving averages (EMAs) for WIF show a bullish pattern, with the EMA 7 at 0.3384 considerably higher than the EMA 20 at 0.2884. Similarly, the moving averages (MAs) align closely, with MA 7 at 0.3221 and MA 20 at 0.3215, indicating a stable upward trend.
The MACD indicator, however, presents a slightly divergent picture. The marginal decrease from 0.0569 yesterday to 0.0567 today may suggest a loss in momentum, albeit minimal. This could imply that while the bullish trend is intact, it might be losing some strength.
RSI and Price Volatility
The Relative Strength Index (RSI) for WIF, currently at 56.49, decreased slightly from yesterday’s 58.36. The reduction means the WIF price is in moderately positive territory, indicating neither overbought nor oversold conditions. This balanced RSI level suggests that WIF is experiencing healthy trading activity without the immediate risk of an important pullback.
Price Action Prediction
The resistance and support levels for the WIF price paint a clear picture of potential price movements. The all-time high (ATH) of $0.5450 stands as the primary resistance level. A breakthrough above this level could see the WIF price target the ambitious $1.98 mark, and potentially, in a massive crypto bull run scenario, $15.9 as outlined by Fibonacci retracement levels. While a pump to $15.9—a market cap of nearly $20 billion—is unlikely, it’s not unheard of for meme coins to skyrocket to insane heights.
On the downside, the immediate support level at $0.3486 provides a cushion against short-term declines. Further support levels at $0.2955, and the Golden Fibonacci levels of 0.2624 and 0.2454, offer additional safety nets. A breakdown below these levels could lead to a correction down to 0.1918.
In short, the WIF price is currently showing a positive trend with potential for further growth. The balanced RSI and stable moving averages suggest a healthy market dynamic, albeit with a need for cautious optimism given the slight decrease in MACD. The following days will be crucial in determining whether the WIF price can sustain its momentum and challenge its resistance levels or if it will face a bigger correction.
