- WIF crypto price is poised for a rise, it has held gains at the 20-day EMA support mark.
- The trend looks positive, and the memecoin might skyrocket gains ahead.
The Dogwifhat (WIF) memecoin price sustains gains above the prompt support zone of $3 and sails with the bullish wave. Recently, the memecoin escaped from a symmetrical triangle pattern but has yet to cross the $4 mark.
The buying pressure was intact, and the WIF crypto price might trigger a sharp bullish wave ahead. Nonetheless, WIF crypto continued to plot the higher high and higher lows formation and remained above the upward trendline support.
Until the trendline is not breached, buyers will remain dominant. On the other hand, if the WIF price slips below $3, a significant fall can be anticipated.
At press time, WIF was trading at $3.27 with an intraday drop of 2.00%, reflecting neutrality on the chart. It has a monthly return ratio of 9.20% and 176.20% yearly.
The pair of WIF/BTC is at 0.0000459 BTC, and the market cap is $3.27 Billion. Analysts are neutral and suggest that the WIF price may deliver volatile moves and sustain above the $3 mark ahead.
Dogwifhat Is In Dilemma: Could WIF Trigger Bull Rally Ahead?
Since the start of this month, the WIF price has continued to lose gains and has not showcased any signs of buying activity. However, it has retested the 20-day EMA mark and might soon bounce back toward the $4 mark.
Amidst the market volatility, the WIF price sustains gains in the bullish trajectory and looks bullish on the charts.
Source: Santiment
Notably, the trading volume looks flat and dropped over 12.28% to $284.99 Million.
Dogwifhat (WIF) token ranked 42 per the market cap and has a total supply value of 998.91 million. A tweet by @TraderSZ highlights that WIF is close to the bounce-back region and might show a bullish wave ahead.
$WIF – i'll get back in if we follow this plan pic.twitter.com/DgfQqmXYTF
— TraderSZ (@trader1sz) June 6, 2024
Source: X
He added in his tweet that he would go long on it and reveal a bullish view in the next few sessions.
I’m long $WIF pic.twitter.com/DCJPEYgz3A
— TraderSZ (@trader1sz) June 5, 2024
Source: X
Price Volatility and Weighted Sentiment Insights
The price volatility curve remained flat and stayed below the midline region, highlighting the low-volume trading activity throughout this week.
Source: Santiment
Moreover, the weighted sentiment data looks negative, as the value hovers below the midline region, directing the dilemma among the investors.
Social Dominance and Whales Activity Overview
The Social Dominance data revealed a bounce and surged over 220% to 0.647%, showing the popularity surge among investors.
Source: Santiment
Meanwhile, the percent of stablecoin total supply held by the whales data showed a consistent up move and reached the 55.945 mark, revealing a positive outlook.
Futures OI Data Revealing Long Unwinding Activity
Amidst the price decline of over 2%, buyers are unwinding their long positions.
![WIF](https://chezmanu-lausanne.com/wp-content/uploads/2024/06/Dogwifhat-Price-Prediction-Can-WIF-Sustain-Gains-Beyond-3-Mark.png)
The open interest value dropped over 1.39% to $456.08 Million, highlighting the investors’ fear of going long ahead.
The immediate support levels for the WIF memecoin are $3 and $2.60, whereas the key upside hurdle is around $3.80, followed by $4.30.
Conclusion
The WIF memecoin held gains in the bullish trajectory and was eyeing a significant surge ahead. Moreover, the trend is intact and favoring the upside ahead.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
The post <strong>Dogwifhat Price Prediction: Can WIF Sustain Gains Beyond $3 Mark?</strong> appeared first on The Market Periodical.