Key Insights
- The 24-hour trading volume of WIF meme coin has increased by 142% to $810.51 Million.
- WIF price has declined by more than 80% over two months, but it might rebound.
Dogwifhat (WIF) price has experienced a ‘bloodbath’ phase in the past two months. WIF investors have lost around 80% of their investment till now. The bearish trend in WIF price has halted near the $0.58 level, and it has climbed by 35% in a day. Analysts seem bullish on WIF crypto.
Can WIF Price Claim 200% Return Soon?
World Of Charts, a well-known crypto analyst, believes that the WIF price could rebound. Dogwifhat price has witnessed a massive sell-off for the past few weeks. It has now formed a falling wedge pattern on an 8-H time frame and then triggered a breakout.
After the breakout, the price is expected to display a reversal. During the breakout, the 24-hour trading volume has increased by 142%, which could boost the momentum. Post a successful breakout, WIF token price can escalate by 150-200%.
Possibility of Sell-off for WIF’s Holders Following the Drop
With regard to the “Token Transfer”, WIF’s on-chain operations during the past week showed divergent patterns. The number of transfers increased and reached a peak of 84,000.
The value per transfer is still quite low despite these large numbers of transfers. That indicates a high volume of smaller transactions.
Conversely, the trade counts for “Token Dex Trading” displayed a comparable trend. The total trade value showed a lower average value, even though the number of trades peaked at about 74,000.
These trends imply that although there is a lot of activity surrounding WIF tokens, the values of individual trades and transfers are comparatively low.
It might suggest that more holders have a wider distribution of WIF, perhaps as traders move from larger to smaller positions. Since there are no notable accumulation spikes, this activity suggests a cautious market sentiment. However, it could stabilize the price by increasing the token’s dispersion among participants.
The low value per transaction indicates that there may not be much buying pressure, even though increased activity may support price levels through wider distribution. If the trend of exiting persists without fresh, significant buying interest, it could limit possible WIF price surges or even cause declines.
WIF Price Dives Below $1 Mark: Can It Rebound or Keep Falling?
When writing, WIF price was trading at $0.688. It witnessed a drop of 5.9% over the past 24 hours. WIF token’s market capitalization was $687.17 million, and it ranked 98th in the cryptocurrency market.
Based on the technical chart, dogwifhat price has gained momentum after a sharp selling. This bullish move might attract buyers and may perform positively for the next few weeks.
Suppose the price gains bullish momentum and exceeds the 20-day EMA, it could be a bullish signal. Once WIF price surpasses the $1 mark, it might experience strong buying pressure. If the investors show their interest in WIF meme coin, a decent bullish rally can be possible.
On the other hand, if sellers keep dominating, it may trigger another bearish trend. Suppose Dogwifhat price slips below the recent low, it could be difficult for buyers to bounce back.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.