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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- May 02, 2024 06:07 UTC
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This Positive Cycle In WIF Price Teases A 90% Upside
Bitcoin crashing to the bottom level of $57,000 boosts a selling spree in altcoins, leading to a massive dump in quick-to-move meme coins. In this sector, the WIF price trend shows a rather refreshing setup with an upside potential to reach $5.
As it tests a crucial support level with the support of momentum indicators, Dogwifhat could spearhead the next bull run. Will the WIF price prediction of reaching $5 hold true in 2024? swim against the broader market’s bearish tide for a breakout rally? Let’s find out now in our Dogwifhat price analysis.
Dogwifhat Price Performance
With a constant rejection from the resistance trendline in the 4H chart, the WIF price is trading at a discount of 46% from the peak of $4.85. Currently, the meme coin trades at $2.55 with an intraday move of -1.98% following the 4.30% recovery last night. With a $2.55 Billion market cap, Dogwifhat ranks at #44 in the crypto world.
Despite a drop to the crucial support trendline under the 200D EMA at $2.29, the bulls are regaining momentum and reclaiming the $2.50 psychological milestone. Further, the bullish revival challenges the death cross in the 4H WIF Price chart and prepares to challenge the resistance trendline.
With the rising momentum and the support of trading volume, the meme coin paints a high possibility of a breakout rally. In such a case, Dogwifhat could spearhead the next phase of altcoin recovery rally.
Technical indicators:
EMA: The death cross in the 4H chart remains the key bearish indicator, a reflection of increased supply during the last correction phase.
RSI: The 4-hour RSI slope shows a bullish divergence in the last two dips at the support trendline.
Will WIF Price Hit $5?
If Bitcoin manages to sustain the $57,000 mark, avoiding a drop to $52,000, the meme coins could bounce back easily. In such a case, the WIF price trend could siphon additional momentum from the broader market. Under such conditions, the breakout rally in Dogwifhat could reach the $5 psychological milestone.
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