The recent rise accelerated last night. One of the biggest impacts of the rise was on meme coins. One of these meme coins, The Dogwifhat (WIF), continues to trade within a small price range despite the noticeable price increase. As of the time of writing, the meme coin is trading at $2.21, with a 30.79% increase in value over the past seven days.
Dogwifhat Price Movement
Dogwifhat entered a horizontal channel as of June and continues to trade within this horizontal channel. Generally, such situations indicate investor anxiety, reflect the uncertainty of direction, and present the reflection of the consolidated price. The upper line of the mentioned channel indicates the resistance level, while the lower line symbolizes support.
In the graphic analysis for WIF, the resistance is seen at $2.36, while the support is at $1.51. The increase since the weekend has paved the way for the price to approach the upper line. Despite this, WIF’s RSI value might indicate a completely different situation.
As of the time of writing, WIF’s RSI value was indicating 37.80, which might show that the bears are gaining strength. Considering the situation, it can be thought that the strength of investors wanting to buy has been exhausted, which could trigger a price drop.
On the other hand, the weighted sentiment indicator value for WIF was calculated as -0.74. Considering that this metric shows how much a cryptocurrency is mentioned on social media, it can be concluded that interest is gradually decreasing.
WIF Price Prediction
WIF was previously predicted to experience a rise and then fall back to $1. The WIF price indeed rose in parallel with the market and increased by over 30% in the last 7 days. This situation was also reflected in the Bollinger Bands, which were seen to be expanding. This expansion can be interpreted as a reflection of how much the price is moving with great volatility.
If WIF continues its upward trend, the first obstacle it will face is at the $2.27 level, which is calculated as the 23.6 Fibonacci retracement level. This level is seen as the weakest retracement region, and a price drop may be observed afterward.
If the predictions come true and a drop occurs from the mentioned level, it can be reflected in the charts that WIF fell to $1.47 during the process, which could put its investors in a difficult position.
