dogwifhat (WIF) saw an impressive 2024, rallying over 1,000% during the year, but ended with a 42% price drop in December. 

Trading at $2.04 at press time, WIF has recorded a 6.46% increase over the past seven days and a modest 0.47% gain in the last 24 hours. With a circulating supply of 1 billion tokens, the memecoin holds a market cap of $2.03 billion, ranking as the fourth-largest memecoin on the Solana blockchain.

Price Movement and Key Levels

WIF/USDT is trading near its short-term support at $2.014, while resistance levels are marked at $2.467 and $2.892, aligned with the mid- and long-term moving averages, respectively. These levels indicate key areas for traders to watch as the asset tries to recover from December’s losses.

A Golden Cross pattern has been observed, with the 13-day moving average crossing above the 49-day moving average. This setup suggests a potential bullish trend, though the price must breach the $2.467 resistance level to validate upward momentum. 

Failure to hold above $2.014 could lead to a retest of $1.947, the recent swing low.

Source: TradingView Momentum Indicators and Futures Data

Momentum indicators present mixed signals. The MACD line is currently at -0.249, below the signal line at -0.285, though a bullish crossover appears imminent. The MACD histogram turning positive could indicate strengthening buying pressure, supported by recent price stability near $2.014.

Futures data from Coinglass shows WIF Open Interest at $445.64 million, reflecting a 4.29% increase. The consistent rise in open interest since November suggests growing participation and expectations for upcoming price volatility. 

Peaks near $500 million indicate traders are positioning for a potential breakout or further downside testing.

Source: Coinglass Liquidations and Market Volatility

Liquidation data reveals $443.46K in long liquidations and $269.15K in short liquidations, with longs dominating at 62.2%. Binance recorded the largest liquidation volumes, with $268.13K in longs and $156.89K in shorts. 

Other platforms, such as OKX and Bybit, saw smaller liquidation figures of $73.01K and $97.03K in longs, respectively.

Source: Coinglass

The dominance of long liquidations highlights the impact of leveraged bullish positions being corrected as price action remains range-bound. The price activity near $2.0554 reflects increased volatility as traders adjust their positions ahead of potential directional movement.

Outlook and Competitive Landscape

As WIF aims to reclaim its position among Solana’s top memecoins, surpassing BONK, AI16Z, and Pudgy Penguins, sustained bullish sentiment and increased market activity will be crucial. Breaking above $2.467 and maintaining support above $2.014 will be pivotal in determining whether WIF can regain its upward trajectory.

FAQs:

What is the current price of dogwifhat (WIF)?

WIF is trading at $2.04 with a market cap of $2.03 billion.

What are the key support and resistance levels for WIF?

Support: $2.014 | Resistance: $2.467 and $2.892.

What does WIF’s Golden Cross pattern indicate?

It signals potential bullish momentum if resistance levels are breached.

The post dogwifhat (WIF) Analysis: Can It Rebound After December’s 42% Drop? appeared first on Coinfomania.