Investors are currently drawn to the supposedly budget-friendly meme coin, Dogwifhat (WIF), which is built on the Solana platform. In just the past day, this dog-themed token has experienced a remarkable surge, increasing by an impressive 15% and reaching a price of $4.14 during US trading hours on Monday.
Dogwifhat Price Prediction Rallies In Tandem With Bitcoin Price Pre-Halving
In April, Bitcoin‘s price surpassed $72,000 after a brief dip to $65,000. This price increase occurred before the upcoming fourth Bitcoin halving, which is predicted to take place within the next few days.
Similar to past trends, investors are adopting strategies to profit from the market’s upward trend. Their focus has shifted towards tokens that closely follow Bitcoin’s price movements, including popular meme coins.
According to CoinGecko’s market data, meme coin prices experienced a significant 9% increase on Monday. Among them, dogwifhat saw a remarkable jump of 15%. Other notable gainers included Joe Boden (BODEN), Degen (Base) (DEGEN), Popcat (POPCAT), and The Dog NFT (DOG). In simpler terms, the prices for meme coins rose by nearly 9% on Monday with dogwifhat leading the way with a 15% price hike. Additionally, coins such as Joe Boden, Degen, Popcat, and The Dog NFT also experienced notable growth.
In the past day, WIF‘s trading activity reached an impressive $711 million, signaling increasing demand from investors. This growth was further highlighted by a jump in market capitalization to $4.15 billion, placing dogwifhat as the crypto with the 30th largest market size.
Can Dogwifhat Achieve New All-Time High This Week?
The price of Dogewhats has risen and is now sitting above its opening price of $3.7588 the previous day, which is considered a good sign by some traders. This optimistic view comes after Dogewhats broke free from a falling wedge pattern on the chart, as shown.
Using simple terms, if we consider several signs pointing to the ongoing price increase, there’s a strong possibility of reaching the record high of $4.8571 this week. For example, the 20-day and 50-day moving averages (represented by blue and red lines respectively) have recently intersected in what is called a “golden cross,” which typically strengthens the upward trend.
With an RSI reading of 66, the Relative Strength Index (RSI) strongly supports the noteworthy price trend and could potentially propel WIF higher throughout this week.
Certain traders might look for a second sign of backing at the $4 price point, indicated by the gray band, prior to increasing their investment.
If four-hour candles consistently close above the $4 support level, WIF will remain strong and in the hands of bulls, preparing for the next potential all-time high (ATH) surge. Keep in mind that entering a price exploration phase could pave the way for surpassing $10 for the first time, creating new heights for Solana meme coins.
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2024-04-08 18:53