Dogwifhat (WIF) sees volatility amid bullish signals
- The memecoin dogwifhat (WIF) saw a 35.69% increase over the past month.
- Following a 11.86% drop within 24 hours, the question arises whether WIF can reclaim its all-time high (ATH).
- Technical analyses suggest a continuation of the upward trend, supported by the Elliott Wave theory.
- Fundamental data, such as the spot netflow and positive funding rates, bolster the bullish market outlook.
WIF: A Review of the Current Market Trend
The cryptocurrency dogwifhat (WIF), one of the largest memecoins by market capitalization, has delivered an impressive performance in recent weeks. On a monthly basis, WIF’s price surged by 35.69%, rising from a low of USD 1.38 to USD 2.63. However, the trend has slightly weakened in recent days. Within 24 hours, the price dropped by 11.86%, last trading at USD 2.15. This raises the question of whether WIF can reclaim its monthly highs or if the downward trend will continue.
Technical Analysis: Elliott Waves Point to Recovery
According to crypto analyst Decode Trading, WIF could soon regain momentum. He refers to the Elliott Wave theory, which suggests that the price is currently in the third wave of an uptrend. This wave is typically considered the strongest phase of a trend. Decode believes that Wave 4 has already concluded and that Wave 5 could push the price further upwards. Additionally, WIF successfully tested an important support level, reinforcing the positive outlook for the coming weeks.
Fundamental Data: What Market Indicators Are Saying
In addition to technical analysis, it’s worth examining WIF’s fundamental data. A key factor is the spot netflow, which turned negative three days ago. This means that fewer WIF tokens are available on exchanges, reducing selling pressure. Such behavior suggests that investors are holding onto their coins, expecting the price to rise further.
Moreover, WIF’s aggregated funding rate shows that more capital has flowed into the cryptocurrency over the past seven days. This indicates that many market participants are betting on rising prices. The demand for long positions, or bets on increasing prices, remains high, as confirmed by a positive open interest-weighted funding rate.
WIF: Short-Term Price Targets
Despite the recent drop on the daily charts, WIF remains in a promising position. If the current market sentiment holds, the price could soon test the resistance level of USD 2.33. A successful breakthrough of this level could push the price back to USD 2.63. However, if the downward trend persists, the price could fall to the next support at USD 1.90.
Our Assessment
WIF is currently in a critical phase. While the short-term drop of 11.86% may seem concerning, both technical and fundamental data point to a potential recovery. The Elliott Wave theory supports the notion that the price could soon rise again, while the fundamental indicators suggest bullish sentiment in the market. However, investors should remain cautious and closely monitor market developments, especially the resistance and support levels at USD 2.33 and USD 1.90.
Sources:
– Coinglass
– Santiment
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