Dogwifhat Rally Far From Over As Analysts Predicts 1,600% Jump
2024年9月28日 - 6:30AM
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Shiba Inu Killer Dogwifhat (WIF) has rallied substantially since
the middle of September. Notably, the meme coin has rallied by
about 32% in the past seven days, allowing it to outperform many
cryptocurrencies and meme coins. Notably, this rally has prompted
many bullish forecasts for the cryptocurrency. Dogwifhat Back
In The Spotlight Dogwifhat’s rise to prominence began in early
2024, as the meme coin community embraced it as a “Shiba Inu
Killer.” Dogwifhat, which started the year around $0.15, was shot
into the spotlight in March and April as part of the craze
surrounding Solana-based meme coins in the first half of 2024. This
saw the meme coin surging by over 3,100% to peak at $4.84. Although
the meme coin’s price has corrected since then, it continues to be
popular among meme coin investors and is supported by a strong
online community. Related Reading: Historical Trends Put Bitcoin At
$400,000 With Shocking Timeline Dogwifhat has posted incredible
gains in September and is currently up by 9.5% in the past 24
hours. Renowned crypto analyst Rekt Capital suggests that
Dogwifhat’s recent breakout of its multi-month downtrend is just
the beginning. According to him, this move is one of the first
signals of a broader altcoin rally, which he forecasted in a
previous analysis. Furthermore, the analyst noted that WIF is on
the cusp of beginning a new macro uptrend. The only other time $WIF
broke out of it’s downtrend and flipped the 4H 200’s was back in
February. After that the price of $WIF gained 1600% over the course
of 48 days. Looks like we’re about to find out if history does
repeat itself. pic.twitter.com/MhvWjHA9SS — Sito (@0xyusu)
September 26, 2024 Adding to the positive sentiment, another crypto
expert, Gumshoe, highlighted a key development in WIF’s market
activity. According to him, $35 million worth of Dogwifhat has been
transferred from crypto exchange Binance into self-custody wallets
in the past seven days. Such withdrawal transfers suggest growing
investor confidence in holding WIF long-term. According to a
WIFUSDT chart posted on social media platform X by another crypto
trader going by the name Sito, WIF’s breakout has seen the crypto
flipping the 4-hour 200-moving average. The last time this
technical move occurred was back in February, and it led to a
staggering 1,600% gain over 48 days. Sito speculated that if
history were to repeat itself, Dogwifhat could once again
experience a massive price surge, potentially reaching $25 in the
coming weeks. The only other time $WIF broke out of it’s downtrend
and flipped the 4H 200’s was back in February. After that the price
of $WIF gained 1600% over the course of 48 days. Looks like we’re
about to find out if history does repeat itself.
pic.twitter.com/MhvWjHA9SS — Sito (@0xyusu) September 26, 2024
What’s Next For Dogwifhat? At the time of writing, Dogwifhat (WIF)
is trading at $2.4. Replicating a 1,600% jump might be more
challenging this time around. Given the current price levels, it
would require a much larger influx of capital to achieve such a
dramatic increase in value compared to earlier this year. Related
Reading: Crypto Analyst Predicts What Will Drive The Ethereum Price
Back Above $3,000 Again However, this doesn’t take away the fact
that the meme coin is at the cusp of a continued momentum to the
upside. The first step is breaking above a July order block around
$2.665. A successful break above this would set the stage for
additional price gains up until its recent all-time high of $4.84.
Featured image created with Dall.E, chart from Tradingview.com
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