Dogwifhat (WIF) price is trading at the time of writing at $2.44, with daily gains of 6.97% and impressive weekly gains of 41.98%.
Several factors are driving the “dog in a hat memecoin,” even though we see some corrections in the general Cryptocurrency market.
The main motivator for WIF is a general rise in the memecoin market, with altcoins showing the second best performance in CoinMarketCap’s memecoin top and only surpassed by Bonk.
Current Bitcoin Levels Are Favorable for Meme Coins.
In the memecoin sector, not only meme cryptocurrencies are obtaining excellent returns, but also their launchers have notable profits: this is the case of GraFun, a platform that in just its first 24 hours of launch registered a volume of 250 million dollars in PancakeSwap.
This performance has been equated to the performance of Solana (the Blockchain on which the WIF memecoin was developed), as several analysts are optimistic about SOL trading above $120.
However, at this point it is worth analyzing the charts to get a clear perspective on what its key levels are.
WIF Chart Analysis: Key Levels
The rally in WIF price became important with the breaking of the key level of $1.90. Now the key level to overcome is $2.57 and the next major resistance would be $2.89.
Once this last level is surpassed, the price could head towards $3, which would be another important level to recover.
Regarding the supports, we can mention $2.4 as an immediate support level. The price needs to stay at the 2 USD level if it wants to maintain the current ranges.
Specifically, the most important support is at $1.94 and its loss could extend to $1.44.
The Relative Strength Index over the past month shows that WIF is neither overbought nor oversold and that the bulls are in control.
It is also worth mentioning some notable analyzes that agree on several ideas, such as the fact that WIF broke out of a falling wedge pattern:
«Dogwifhat has broken its macro downtrend. “WIF is about to start a new macro uptrend.”
Rekt Capital’s outlook is highly optimistic, although the analysis period is actually quite short. It would be preferable to wait for a break above $2.52.
The memecoin market is booming
It is worth highlighting how the market capitalization of memecoins rose up to 6.8% in just 24 hours, exceeding the line of $51,000 million dollarsup to August levels.
Puppy-themed coins soared despite recent poor performance.
It is worth noting that the performance of memecoins and other Altcoin sectors is generally less pronounced when Bitcoin rises. While a establishment of BTC at key levels (as is currently happening) is beneficial for the market.
Precisely, the price of Bitcoin is at key levels, trading above the $60,000 level, so it allows the rise in some of the altcoins.
Likewise, a decline in BTC below $60,000 can lead to major setbacks for memecoins.
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