All-Time Highs Ahead? Dogwifhat (WIF) Poised For Big Growth — Analyst
July 29 2024 - 7:00PM
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Popular meme coin Dogwifhat (WIF) has lately attracted attention
because of its market performance. Over the last week, its value
dropped by around 5%; but, over the prior month it sustained a 22%
rally. Dogwifhat, which now commands a 0.10% portion of the market
and has a market cap of $2.47 billion, is valued at $2.50. Related
Reading: Bitcoin On Fire: 20% Surge In 3 Weeks Teases
Record-Breaking Potential Bullish Indicators Start To Show Recent
comments on WIF’s potential price trajectory from crypto analyst
Crypto Scient show a somewhat bullish view. Dogwifhat has displayed
notable positive signs in its market structure, claims the analyst.
Establishing this as a new support zone, the coin has effectively
regained and turned a key 1-day support and resistance level at
$2.25. $WIF, Starting to look good again as the daily structure has
flipped bullish again. • Reclaimed and flipped key 1D S/R at $2.25
to support • Flipped 1D 50 and 100EMA Bullish. Up next is key 1D
resistance at $3.3 — Price makes an attempt to test this level over
the next few… https://t.co/7RtYCcPCtu pic.twitter.com/OA3PbVAcsN —
Scient (@Crypto_Scient) July 27, 2024 Also moving up are the 50-day
and 100-day exponential moving averages (EMAs). EMAs are important
signs for traders because they help them spot changes in the trend
and keep price swings in check. The change in these EMAs makes
people more hopeful about WIF. The resistance level at $3.30 marks
WIF’s next noteworthy movement. WIF should try to reach this level
in the next days to weeks, analysts forecast. Breaking through this
barrier would open the path for significant higher action and maybe
new all-time highs (ATHs). Investors should keep in mind that gains
around $3.30 are likely to be important for risk management, so
they should keep that in mind. WIF Price Forecast Based on
CoinCodex’s present price estimate, Dogwifhat may climb to as high
as 220% to reach $8.36 by August 28, 2024. The current market vibe
surrounding the coin is negative even with this very optimistic
long-term view. Measuring market mood, the Fear & Greed Index
comes out with a 74 (Greed). This suggests that the market could be
headed for a correction as it seems to be too optimistic. Dogwifhat
has experienced 17 out of 30 green days with a price volatility of
17%. These numbers show the inherent risks in the crypto market
even if they imply great possibility for a price growth. Related
Reading: Fantom (FTM) Regains Momentum After Weeks Long Bleed –
Will This Continue? Investor Mood: Proceed With Caution The recent
short-term drop and pessimistic mood recommend caution for WIF even
if the positive technical indicators and optimistic price
projections present a good picture. One should pay close attention
to the significant resistance level around $3.30. Should this level
not be broken, WIF’s price could revert to the $2.25 support,
therefore defining a trading range between $2.25 and $3.30.
Featured image from Bestchange, chart from TradingView
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