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Highlights
- Meme coins mirror Bitcoin’s movement more than other cryptocurrencies as halving approaches.
- Dogwifhat reclaims $4 support after a 15% move in 24 hours.
- An increase in trading volume and market cap hints at growing interest in WIF and other Solana-based meme coins.
Dogwifhat Price Prediction: Investors are turning to what they perceive to be affordable meme coins including the explosive Solana-based dogwifhat (WIF). In the last 24 hours, the dog-themed token broke out explosively, rising by a staggering 15% to trade at $4.14 during US trading hours on Monday.
Dogwifhat Price Prediction Rallies In Tandem With Bitcoin Price Pre-Halving
Bitcoin price topped the $72,000 level following the correction to $65,000 which ushered in the month of April. The fresh uptick in price comes ahead of the fourth Bitcoin halving anticipated in less than a week.
Mirroring the previous halvings, investors have been taking positions to capitalize on the positive momentum in the market with attention channeled into tokens with a higher correlation index to Bitcoin price such as meme coins.
Market data from CoinGecko reveals a sizeable 9% surge in meme coin prices, led by dogwifhat’s 15% surge. Other related coins performing well on Monday include Joe Boden (BODEN), Degen (Base) (DEGEN), Popcat (POPCAT) and The Dog NFT (DOG).
WIF’s trading volume soared to $711 million in 24 hours reflecting growing interest among investors. A subsequent surge in the market cap to $4.15 billion makes dogwifhat the 30th biggest crypto.
Can Dogwifhat Achieve New All-Time High This Week?
Dogwifhat price is hovering above the previous day’s open of $3.7588 — a bullish signal by many traders. This positive outlook follows the meme coin’s breakout from a falling wedge pattern; illustrated on the chart.
With several indicators backing the current uptrend, there’s immense potential for another breakout targeting the all-time high of $4.8571 this week. For instance, the 20-day Exponential Moving Average (EMA) (blue) and the 50-day EMA (red) recently formed a golden cross pattern further propping dogwifhat for a sustainable uptrend.
The Relative Strength Index (RSI) position at 66 aggressively backs the commendable price action and may keep WIF moving upward this week.
Some traders may want to see another confirmation of support at $4, highlighted in the grey band before seeking more exposure.
Several four-hour candle closes above the $4 support would keep WIF buoyant and in bulls’ hands for the next anticipated move to the ATH. Realize that entering the price discovery mode could clear the path for a debut above $10, setting unprecedented for Solana-based meme coins.
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