- Dogwifhat (WIF) surged over 21% in the last 24 hours to around $2.72, its highest level since mid-July.
- WIF’s technical analysis shows bullish momentum, with the MACD rising and the 50- and 200-day MA below its price.
At the start of this week, the crypto market has regained momentum, with the total market cap rising above $2.3 trillion. Bitcoin climbed back over the $63K zone, reaching as high as $63,987, with meme coins showing a significant rally. Dogwifhat (WIF) has been on a remarkable upward trend.
In the last 24 hours, WIF’s price has jumped by over 21%, currently trading at $2.63, with an intraday peak at $2.72. The memecoin is now at levels last seen in mid-July. According to CMC, WIF has had an incredible performance in the past month, with its price surging by more than 173.86%.
WIF’s Recent Breakout and Target Predictions
Despite this, WIF’s social dominance remained relatively low in recent days. Still, the memecoin had displayed a notable rally in May 2024, pushing its price above $4.85 (ATH). However, following Bitcoin’s dip to $57K, WIF also took a hit and began to stabilize between $2 and $2.50.
Crypto analyst World Of Charts recently tweeted about WIF’s breakout above a key trend line, suggesting that the memecoin could target $5 soon. On the technical front, the Moving Average Convergence Divergence (MACD) indicator shows bullish momentum for WIF.
Moreover, the 50-day and 200-day moving averages are below WIF’s price, supporting a continued uptrend. If WIF can break through a few more resistance levels, it could target $5. The next significant target for WIF is $2.83, and a successful breakout could lead the memecoin to $3.44, paving the way for an eventual move towards $5.
On the other hand, the Relative Strength Index (RSI) is approaching the overbought zone, which might signal a price correction. If bearish sentiment takes over, WIF’s value could drop to around $2.01, or even as low as $1.73.
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