The meme coin market has witnessed another surge as dogwifhat (WIF) price pumped over 50% last week.
The way that WIF is trading raises concerns about both its future development potential and place in the market relative to other meme coins. Still, questions remain on how such quick profits in the crypto market can be sustained.
WIF Price Analysis
WIFâs price trades at around $2.80, with a daily trading volume of over $600 million. The token has had an 11% uptick in the last day and over 55% rise over the past week.
A closer look at the WIFâs daily chart reveals interesting insights. The price is trading near the middle Bollinger Band, indicating a consolidation phase. Wide Bollinger Bands suggest high market volatility.Â
Source: TradingView
Additionally, the price remains above both the 50-day and 100-day Exponential Moving Averages, hinting at potential bullish momentum.
The WIF price has found support around the 50% Fibonacci retracement level of $2.296. A move above the 61.8% level could signal a potential rally towards the 78.6% level. Consequently, this might lead to a retest of the previous high around $4.870.
The Moving Average Convergence Divergence line is in positive territory, indicating bullish momentum. Furthermore, the positive histogram supports a bullish outlook. However, the signal lineâs proximity to the MACD line suggests cautious momentum.
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Read also: Will Bitcoin (BTC) Price Break $73k This Week?
WIFâs recent performance has sparked debates about its long-term potential. The tokenâs market cap raises questions about its ability to achieve multiple X returns this year.
In other words, despite recent WIF price explosion, you might want to look elsewhere if you are chasing that 10-50x game.
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