Will WIF Print More Gains After a 15% Surge?
- WIF has marked a gain of over 15% and is trading at $1.32.
- The Dogwifhat’s daily trading volume has increased by over 288%.
With Bitcoin retreating to $102K, the broader crypto market has dipped, dragging most assets to their lows. However, Solana-based Dogwifhat (WIF) defied the trend with a 15% rally despite the downturn.
Notably, the WIF has retested its crucial levels at $1.19 and $1.30. Nevertheless, the meme coin continues grappling to hold its ground. In the early hours, it has visited its daily low at $0.9783. As the bulls chose to rule the day, the highest price was hit at $1.37.
At the time of writing, WIF trades at $1.32, with its market cap resting at $1.32 billion. Meanwhile, the daily trading volume has reached $1.1 billion. Besides, the market has observed an $8.93 million Dogwifhat liquidation, as per Coing l ass .
On the other side, after a three-month break, a wallet named Ansem has spent 1.2 million USDC to purchase 915,828 WIF at $1.31 per token, signaling renewed interest in the asset.
Where Is WIF Headed Next?
The four-hour trading window of WIF infers the overall weak momentum. The meme coin’s price might slip below the current level if the downtrend persists. Extended loss of the asset could bring in a retest at the $1.18 support zone or even lower.
On the flip side, if dogwifhat recla i med its lost momentum, it could drive the price to a high of $1.41. Assuming further gains for the meme coin, it might break the crucial mark and move toward a high of $2 mark.
WIF’s Moving Average Convergence Divergence (MACD) line is residing above the signal line but both are located beneath the zero line. This indicates that the overall trend remains negative in the market.
Moreover, the Chaikin Money Flow (CMF) indicator, which is positioned at 0.05, suggesting the positive money flow and mild buying pressure in the market. Meanwhile, dogwifhat’s daily trading volume has surged by over 288%.
Additionally, the market sentiment of the meme coin is neutral to slightly oversold with the daily relative strength index (RSI) at 41.19. The 24-hour chart of dogwifhat has displayed the short-term 9-day moving average below the long-term 21-day moving average.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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