While on the rise, Dogwifhat (WIF) price is up nearly 27% in the past week, making the meme coin the best-performing altcoin.
This strength continues as investors expect WIF prices to rise.
Dogwifhat Holders Still Optimistic
WIF’s price loss against the possibility of closing above $4.00 was a huge blow. Because this would have allowed meme coins to reach new all-time highs. But that hasn’t stopped investors from hoping for a recovery and continued gains.
The overall weighted sentiment of WIF holders is currently positive, the first time it has been positive in almost two months. The last time WIF investors were bullish on meme coins was in early April, when the altcoin hit an all-time high of $4.85.
The market also supports upside potential, as evident in the Average Directional Index (ADX). The Average Directional Index (ADX) measures the strength of a trend from 0 to 100, with values greater than 25 indicating a strong trend.
Read more: What is Dogwifhat (WIF)?
Considering that ADX is above the 25.0 threshold, the upward trend has some strength. This could grow further in the future unless WIF investors sell their holdings.
WIF Price Prediction: Awaiting Recovery
WIF price at $3.49 is still above the 50-day exponential moving average (EMA). This is an important support line. A drop below that would suggest a potential price decline. However, WIF may close above the $3.62 resistance level as investors and the market support the upside.
This close could lead to a rise above $4.00, and a new ATH could also be formed if the meme coin closes above $4.22.
Read More: Dogwifhat (WIF) Price Prediction for 2024/2025/2030
However, if WIF price does not close above $3.62, we may see a decline. This not only invalidates the bullish argument but also sends the meme coin to $3.1 below the 500-day EMA.
disclaimer
In accordance with Trust Project guidelines, this price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions may change without notice. Always do your own research and consult with a professional before making any financial decisions. Our Terms of Use, Privacy Policy and Disclaimer have been updated.