Dogwifhat (WIF) Price Prediction 2024: Will the Memecoin Surge Boost WIF?

Dogwifhat [WIF] was among the best-performing memecoins in the first half of 2024. But its momentum lost traction at the beginning of H2.

Memecoin Dogwifhat [WIF] managed to register itself among the top performers in H1. But its momentum seemed to lose steam at the onset of H2. WIF shed over 60% during July and August and dropped to hit the $1-mark.

However, it recovered over 65% and nearly hit $2 during the recent market rebound. Fresh data showed that the memecoin narrative managed to garner interest once more.

‘Memecoins at the No.1 spot for mindshare. The dethroning of AI’

Source: Kaito

Memecoin surge to boost WIF?

A look at WIF’s Futures market revealed that it ranked third in terms of Open Interest (OI) at the last check, as per AMBCrypto’s analysis.

According to Coinglass, WIF’s OI stood at $251 million, indicating that it received the third highest liquidity flow among memecoins.

Source: Coinglass

Hence, a surge in overall meme coin demand could also trickle into WIF. Moreover, the positive uptick in OI also suggested a bullish sentiment among WIF speculators in the derivatives market.

However, despite the slight bullish sentiment in the derivatives market, overall weighted sentiment in the spot market was rather neutral.

According to Santiment, the weighted sentiment dropped sharply from recent positive peaks to the neutral level, as per readings at the last check.

Source: Santiment

This suggested that WIF’s price could move in either direction. Having noted that, what were the key levels to watch out for in the short term?

Let’s explore the 4-hour chart for some clues.

WIF’s price action

Source: WIF/USDT, TradingView

A Fibonnaci retracement tool (yellow) was plotted between July highs and August lows. Based on the tool, the 61.8% Fib level ($1.7) acted as short-term support during the sideway movement over the weekend.

If the meme coin managed to garner further interest in pumping WIF, the immediate bullish targets would be 50% and 38.6% Fib levels. Hitting either would translate to 12% and 23% potential gains, respectively.

On the lower side, the 78.6% Fib level and the breaker block area, marked white (around $1.6), would be key support levels to consider in the short term.

Realistic or not, here’s WIF’s market cap in BTC’s terms

Demand and flows into WIF remained stagnant, as observed by the movements of RSI (Relative Strength Index) and CMF (Chaikin Money Flow). This further highlighted that price could be headed in either direction.

Ergo, keeping an eye on the above key levels and overall memecoins momentum might be crucial before placing any bets.

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