Could Dogwifhat (WIF) Reach $2 in the Coming Weeks?

• Dogwifhat (WIF) has surged over 17% from $1.39 to $1.63, boosted by Bitcoin’s rebound to $59K.
• WIF is trading at $1.58, still down about 67% from its all-time high of $4.85.

In the last 24 hours, Dogwifhat (WIF), a leading meme coin, has displayed a price surge of over 17.2%, rising from a low of $1.39 to a high of $1.63. This rally comes as the global crypto market gains positive sentiment, with Bitcoin (BTC) bouncing back to the $59K level. According to the recent Dogwifhat price prediction, WIF is poised for a significant upward trend, potentially doubling its value in the coming weeks, as it continues to follow an ascending channel pattern.

The daily price chart indicates that WIF is building a rally, approaching the August 24 surge where the meme coin reached $2.03. This level has been a crucial resistance point for WIF, repeatedly failing to hold, yet it continues to trigger rallies that could push the price above $2.8, potentially even reaching $3.

Dogwifhat (WIF) Market Overview

At the time of writing, WIF is trading at $1.58, which marks a steep decline of nearly 67% from its all-time high of $4.85. Despite this, whale activity has been on the rise, with the largest WIF holder recently acquiring an additional 800,556 tokens, bringing their total to 28 million WIF, valued at $53.23 million.

Currently, Dogwifhat holds a market cap of $1.5 billion making it the 4th largest meme coin. It has recorded maximum gains compared to other memecoins, which have shown more modest rallies. Additionally, the daily trading volume for Dogwifhat has surged by over 67%, reaching $345 million.

On Monday, the WIF funding rate surged to 0.016%, reflecting an increased cost of holding leveraged positions in futures contracts. Although WIF has shown modest gains of around 1% over the past month, it remains down 11% on a weekly basis.

The imminent crossover of the 9-day moving average above the 21-day moving average on the 4-hour WIF/USDT chart signals a shift in market momentum, leading to more price increases.

Further, the Relative Strength Index (RSI) stands at 56, indicating a neutral market with a slight bullish tilt. However, if WIF’s price falls below $1.50, it could face continued selling pressure, leading to a potential decline towards $1.3 and possibly triggering fresh drops to $1.

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