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Highlights
- Dogwifhat reclaims key support level at $2 after diving to $1.5.
- The RSI position is in the neutral area and gradually moving toward the overbought region.
- If the uptrend falters WIF could assume sideways trading between $2 and $2.5.
Dogwifhat price is in the green amid a remarkable comeback by the bulls on the second day of the week. In addition to a 20% drastic increase in price, WIF flaunts a 25% surge in one week to trade at $2.15.
Most Solana meme coins are on the move led by the largest asset, dogwifhat. Bonk hovered at $0.00002625 after an 8% increase in 24 hours. The third largest ecosystem’s meme coin Popcat holds at $0.83; up by a staggering 16% rally in the same period. Other tokens performing exceedingly well include BOME, MEW, MYRO, $MICHI, and more.
Should this trend reversal continue this week, dogwifhat price will reach above the $1 billion milestone and possibly move into the top 20 from its current #44 position, according to CoinMarketCap data.
Dogwifhat Price Taps The Meme Coins Super Cycle
WIF bulls are not leaving any stones unturned as they take their positions in the wake of the massive declines witnessed in June in the first two weeks of July.
The support established at $1.5 raised a springboard for the meme coin which now exchanges at $2.15. If short-term ranges are considered, this area highlights a double-bottom pattern.
Traders had anticipated a rebound from $1.5 as WIF price collected more liquidity to take down resistance at $2 and $2.5.
Following the increase in price in the last 24 hours, dogwifhat now sits on top of two key Exponential Moving Averages (EMAs) including the 20-day in blue and the 200-day in purple.
Bulls are still battling to flip the 50-day EMA into an immediate support area. This move will be critical for the continuation of the uptrend in the coming days. Hence, a daily close above could call on more longs than shorts this week.
Toppling the seller congestion at $2.5 could spur a FOMO-driven rally targeting the all-time high of $4.85. Bulls will also be required to bring down the descending trendline resistance to completely break from the bearish shackles in the coming months.
Buy orders are likely to increase based on the Relative Strength Index (RSI) position in the neutral region at 56. If the RSI sustains recovery into the overbought area, more people will be interested in buying dogwifhat betting on a drastic recovery to new record highs.
With the RSI breaking from the bearish divergence, the path of least resistance rests solidly upwards.
Nonetheless, key things to watch out for in the next few days are support above the 50-day EMA, the 20-day EMA, and if push comes to shove the level at $2. These key areas could guarantee a major upturn in dogwifhat price.
Frequently Asked Questions (FAQs)
1. What is dogwifhat (WIF)?
2. Can WIF outpace Shiba Inu and Dogecoin to become the biggest meme coin?
3. Has dogwifhat bottomed?
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