Technical Analysis of Dogwifhat : Towards a Price Explosion ?
Since the beginning of June, the price of WIF (Dogwifhat) has seen a significant increase, reaching $1.0142 on Tuesday. This surge has propelled its market capitalization to over one billion dollars, ranking it as the 4th largest memecoin Solana, behind Trump, Bonk, and Fartcoin.
Source: CoinGlass
An analysis of Santiment’s data shows that the growth of the WIF network has been remarkable, increasing from 1,690 to over 5,000 addresses created daily. Additionally, the funding rate of this project has turned positive after falling into negative territory on June 1st. This indicates growing optimism among traders regarding the token’s short-term performance.
Furthermore, the number of WIF holders has continued to rise, surpassing 236,000. This demonstrates increasing demand and strengthened investor confidence. The WIF inflow/outflow ratio on exchanges has been negative in the past two days. This suggests that more investors are withdrawing their tokens in anticipation of a price increase.
WIF : A Highly Explosive Chart Structure to Monitor Closely
The technical analysis suggests that WIF could continue to rise after forming a “cup and handle” pattern on the daily chart. By applying the same depth as the “cup” from the upper resistance, a price target of $2.3885 is considered. This represents a potential increase of 130% from current levels.
In conclusion, the growth prospects of Dogwifhat (WIF) appear very promising, supported by strong fundamentals and encouraging technical signals. This analysis suggests a significant upside potential in the coming weeks for this expanding Solana memecoin. If you are looking to buy WIF now, here’s how to do it on Bitget:
- Create an account on Bitget by signing up with an email address and completing verification.
- Deposit funds, either by credit card, bank transfer, or by transferring existing cryptos.
- Access the Spot market, search for the WIF/USDT pair, and set the desired amount.
- Finalize the purchase and find your tokens directly in your account.
