Why Is dogwifhat (WIF) Meme Coin Price Up?

The price of dogwifhat (WIF), a Solana-based meme coin, has seen a significant surge, with the cryptocurrency currently trading at $2.71, up 16.99% in the last 24 hours. This sudden increase in price has prompted questions about the factors driving this upward trend.

Breaking Out of the Descending Channel

One of the primary reasons behind WIF’s price surge is its recent breakout from a descending channel. Technical analysis reveals that WIF has been trading within a downward-sloping channel, indicating a bearish trend. However, the cryptocurrency managed to break out of this channel, signaling a potential trend reversal and attracting buyers to the market.

With such a breakout, bulls may start to target the top of the channel for a chance to break what could be a very strong resistance and push price far higher.

Source: Tradingview

Relative Strength Index (RSI) Analysis

The daily chart RSI for WIF currently stands at 46.74, providing insights into the cryptocurrency’s momentum. The RSI is a popular technical indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions.

With an RSI of 46.74, WIF is currently around a neutral zone, indicating that there is room for further price appreciation without the cryptocurrency being considered overbought, especially if more bullish metrics emerge.

Celebrate Dogecoin and Make Big Gains with Doge2014!

Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

Show more +

Solana’s Price Surge Could Be Behind WIF’s Spike

Another factor that could be contributing to WIF’s price increase is the recent surge in the price of Solana (SOL). The price of Solana, the blockchain platform that underpins WIF, has spiked by 10.4%.

As a Solana-based meme coin, WIF’s value is closely tied to the performance of its underlying blockchain. The positive sentiment surrounding Solana’s price rise may have spilled over to WIF, driving increased demand and pushing its price higher.

Do Checkout: Investors Dump BONK, BOME, POPCAT, Others to Buy This Solana (SOL) Memecoin With Surging Trading Volume

WIF’s Market Conditions

The global cryptocurrency market capitalization currently stands at $2.16 trillion, having increased by 2.01%. This overall market growth indicates a positive sentiment within the crypto space, which could be contributing to the rise in WIF’s price. As investors become more confident in the market’s trajectory, they may be more willing to invest in various cryptocurrencies, including meme coins like WIF.

Over the last 24 hours, WIF has traded between a low of $2.31 and a high of $2.73, showcasing the cryptocurrency’s volatility. Despite the fluctuations, WIF has managed to maintain its upward momentum, with the current price of $2.71 representing a significant increase from its 24-hour low.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency

CaptainAltcoin
Logo