Dogwifhat Investors Could See 40% Gains If Surpasses This Intere
Dogwifhat Investors Could See 40% Gains If Surpasses This Interesting Level?
Despite the recent market improvements, Dogwifhat price is struggling to get out of a 2 month consolidation.
The weighted sentiment curve has entered the positive territory indicating a bullish outlook ahead.
Unlike few altcoins which have taken benefit of the improved investor's confidence and surged higher following Bitcoin. Dogwifhat Price has witnessed a range bound trading since August looking for buying volumes to enter the market.
Moreover, the consolidation over the daily chart is part of a larger correction phase in the meme coin running since June 2024. The WIF cryptocurrency noted a strong surge in the first half of 2024 followed by a prolonged correction in the later half.
The ongoing correction phase has been preventing Dogwifhat from participating in the current bull run. However, as per our analysts, WIF crypto is in the last phase of correction and might be preparing for strong moves in the upcoming sessions.
Let's analyze and try to figure out the factors that may contribute to a breakout of WIF from a prolonged correction.
WIF Investors Sentiment Positive Despite A Correction
Dogwifhat price was exchanging hands close to $1.76 recording a mild 0.45% gain in intraday. The price lags 63.5% below its All time high recorded in March 2024 at $4.85. However, the recent sessions saw some positive developments in the price as well as volume.
The recent efforts by the bulls suggest a potential rally on the cards, however, the lower timeframe i.e. 4-hour analysis states that WIF could face challenges near the $1.96 level which is also the higher boundary of consolidation.
The 4-hour chart analysis highlights the recent efforts by the bulls to attain a breakout and enter bullish territory. The daily transaction volume has dropped by 10.6% to $427.6 Million.
Moreover, in tandem with the recent recovery, a notable change in the weighted sentiment curve was observed. The weighted sentiment curve is an on-chain metric used to identify the change in domination of bulls or bears at the moment.
<iframe title="Santiment Chart: Negative sentiment (Total) (WIF), Positive sentiment (Total) (WIF), Weighted sentiment (Total) (WIF)" width="800" height="425" src="embed.santiment.net/chart?ps=dogwifhat&pt=WIF&df=2024-06-19T18:30:01.493Z&dt=2024-09-20T18:29:59.493Z&emcg=1&emhwm=1&wm=sentiment_negative_total;sentiment_positive_total;sentiment_volume_consumed_total&wax=0;1;2&wc=#FF5B5B;#FFCB47;#5275FF&ws={"interval":"1d"};{"interval":"1d"};{"interval":"1d"}" scrolling="no"></iframe>
As per the data, the positive sentiments surged in the recent sessions indicating optimism amid the market recovery. The weighted sentiment curve has entered the positive territory surpassing the zero line indicating optimistic days ahead.
Dogwifhat Price Prediction: Can Improved Market Conditions Trigger A Breakout?
The daily chart highlights a battle for the fittest going on for the last two months between the bulls and bears. The bulls have established themselves near the $1.25 level whereas the bears have held tightly near $1.96 level.
A breakout on the higher side could flip the recent resistance in the support and WIF price could show further gains. On a successful breakout, the WIF investors could experience a straight 40% gain in asset price till $2.81 level.
However, a breakdown below the lower range of consolidation i.e. $1.25 level may trigger a long unwinding among the WIF investors who are in hope of a possible reversal. The price may then continue to bleed further till the lower $1 support zone.
The technical indicators exponential moving averages of 20 and 50 days present a bullish outlook at the moment. Also, RSI line was placed at 58.4 points and the 14 day SMA line was at 49.6 points and headed higher affirming a positive growth in the price.
Despite the recent market improvements, Dogwifhat price is struggling to get out of a 2 month consolidation.
The weighted sentiment curve has entered the positive territory indicating a bullish outlook ahead.
Unlike few altcoins which have taken benefit of the improved investor's confidence and surged higher following Bitcoin. Dogwifhat Price has witnessed a range bound trading since August looking for buying volumes to enter the market.
Moreover, the consolidation over the daily chart is part of a larger correction phase in the meme coin running since June 2024. The WIF cryptocurrency noted a strong surge in the first half of 2024 followed by a prolonged correction in the later half.
The ongoing correction phase has been preventing Dogwifhat from participating in the current bull run. However, as per our analysts, WIF crypto is in the last phase of correction and might be preparing for strong moves in the upcoming sessions.
Let's analyze and try to figure out the factors that may contribute to a breakout of WIF from a prolonged correction.
WIF Investors Sentiment Positive Despite A Correction
Dogwifhat price was exchanging hands close to $1.76 recording a mild 0.45% gain in intraday. The price lags 63.5% below its All time high recorded in March 2024 at $4.85. However, the recent sessions saw some positive developments in the price as well as volume.
The recent efforts by the bulls suggest a potential rally on the cards, however, the lower timeframe i.e. 4-hour analysis states that WIF could face challenges near the $1.96 level which is also the higher boundary of consolidation.
The 4-hour chart analysis highlights the recent efforts by the bulls to attain a breakout and enter bullish territory. The daily transaction volume has dropped by 10.6% to $427.6 Million.
Moreover, in tandem with the recent recovery, a notable change in the weighted sentiment curve was observed. The weighted sentiment curve is an on-chain metric used to identify the change in domination of bulls or bears at the moment.
<iframe title="Santiment Chart: Negative sentiment (Total) (WIF), Positive sentiment (Total) (WIF), Weighted sentiment (Total) (WIF)" width="800" height="425" src="embed.santiment.net/chart?ps=dogwifhat&pt=WIF&df=2024-06-19T18:30:01.493Z&dt=2024-09-20T18:29:59.493Z&emcg=1&emhwm=1&wm=sentiment_negative_total;sentiment_positive_total;sentiment_volume_consumed_total&wax=0;1;2&wc=#FF5B5B;#FFCB47;#5275FF&ws={"interval":"1d"};{"interval":"1d"};{"interval":"1d"}" scrolling="no"></iframe>
As per the data, the positive sentiments surged in the recent sessions indicating optimism amid the market recovery. The weighted sentiment curve has entered the positive territory surpassing the zero line indicating optimistic days ahead.
Dogwifhat Price Prediction: Can Improved Market Conditions Trigger A Breakout?
The daily chart highlights a battle for the fittest going on for the last two months between the bulls and bears. The bulls have established themselves near the $1.25 level whereas the bears have held tightly near $1.96 level.
A breakout on the higher side could flip the recent resistance in the support and WIF price could show further gains. On a successful breakout, the WIF investors could experience a straight 40% gain in asset price till $2.81 level.
However, a breakdown below the lower range of consolidation i.e. $1.25 level may trigger a long unwinding among the WIF investors who are in hope of a possible reversal. The price may then continue to bleed further till the lower $1 support zone.
The technical indicators exponential moving averages of 20 and 50 days present a bullish outlook at the moment. Also, RSI line was placed at 58.4 points and the 14 day SMA line was at 49.6 points and headed higher affirming a positive growth in the price.
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