Dogwifhat (WIF) Emerges as the Top Meme Coin in the Last 24 Hours Following Its 12.34% Price Increase

The increase means that the token, which had endured a long downturn period, has now jumped by 40.17% within the seven days.

Dogwifhat (WIF) has recorded the highest increase among the top meme coins in the last 24 hours following a 12.34% price surge. The surge brings the token’s seven-day increase to 40.17% after enduring a long downturn period.

However

Despite the massive jump, WIF’s price action seems to be going unnoticed by market participants. Could this be hinting at a drastic change in direction?

Meme Coin Fever Is Not At Peak

According to Santiment, WIF’s Weighted Sentiment is currently at -0.95. The Weighted Sentiment takes into account the number of mentions an asset receives and tracks whether those mentions are positive or negative.

If the reading is negative, it means that there are more pessimistic comments online. On the other hand, a positive reading indicates that the broader market is bullish on the price potential. In the case of WIF, it is the former.

However, the bearish sentiment combined with the price increase suggests that the meme coin is far from reaching its top.

Read More: 5 Best Dogwifhat (WIF) Wallets to Consider In 2024

If sentiment were to be extremely positive with the price surge, it might indicate that WIF is close to a major correction period. But as it stands, the uptrend could continue.

Undeterred by the broader sentiment, traders are positioning themselves for a further hike. This is evident in the Funding Rate, which shows the difference between a cryptocurrency’s perpetual and spot prices.

At the time of writing, Dogwifhat’s Funding Rate is 0.005%. The Funding Rate is used to maintain market equilibrium, ensuring that contracts in the market do not expire. If it is positive, longs (buyers) pay shorts (sellers).

But when it is negative, shorts pay longs a fee to keep their positions open. On June 28, the rate was negative, indicating that the average trader was bearish. Therefore, the positive reading as of this writing suggests a rising demand for long positions.

WIF Price Prediction: Can Holders Get More Gains?

On the daily chart, BeInCrypto observed that the sellers’ exhaustion on June 23 was crucial to WIF’s bounce. During that period, the price traded at $1.56. Later on, bulls spotted the fatigue, helping the memecoin to form an almost-perfect daily green candle.

Currently, the $1.56 region is the support. Moreover, WIF is looking to break through the $2.30 resistance. If successful, the price of the token may key into $2.64. Once this happens, a rally toward $3.21 will be possible.

Meanwhile, the Relative Strength Index (RSI) is at 51.45, indicating that the meme coin’s momentum maintains its bullish position. Similarly, the Moving Average Convergence Divergence (MACD) is pointing in the same direction.

The MACD uses the difference between the 12 and 26 EMAs to determine whether a trend is bullish or bearish. Since the reading is positive, it means that WIF’s trend is bullish. If sustained, this may confirm the continuation of WIF’s upward run.

However, WIF may fail to reach the mentioned prices if Bitcoin (BTC) fails to continue its recent uptrend. This is mainly due to the meme coin’s strong correlation with BTC. Should this happen, WIF’s price may drop to $1.96.

The above is the detailed content of Dogwifhat (WIF) Emerges as the Top Meme Coin in the Last 24 Hours Following Its 12.34% Price Increase. For more information, please follow other related articles on the PHP Chinese website!