Dogwifhat Grew 50% in September
27 Sep, 2024 ● Coin news
Dogwifhat has surged 10% in the last 24 hours, hitting a high of $2.20, and its market cap has rebounded above $2 billion for the first time in seven weeks.
On September 24, WIF flipped a key resistance level, rallying above $1.96. The token's price action is gaining momentum, with the memecoin now targeting the next resistance at $2.85.
The memecoin market cap has risen 6.8% over the past day, surpassing $51 billion and reclaiming levels seen before the August crash.
According to data from CoinGecko, Dogwifhat remains the fourth-largest memecoin in the sector.
While older meme tokens like Dogecoin and Shiba Inu still dominate in market cap, Solana-based memecoins have led in terms of 30-day returns.
Notably, POPCAT and WIF posted monthly returns of 52.9% and 24.2%, respectively.
Despite its strong performance, WIF has not seen a significant influx of new holders.
Recent data from holderscan.com shows that only 2,322 new WIF holders (a 1.29% increase) were added over the past seven days, bringing the total number of holders to 182,877.
However, the top 50 holders account for nearly 54.84% of the token supply.
A chart from holderscan.com highlights these details. The relatively slow growth in holders suggests that the current rally may be driven primarily by the futures market.
As reported by Cointelegraph, open interest in WIF surged by 30%, reaching $233 million earlier this week when the token broke through the $2 mark.
WIF's current rally resembles the memecoin boom from early 2024, when it saw an 8,000% return on investment (ROI) within three months.
This rally spurred the rise of other memecoins like POPCAT, BRETT, and MEW.
Now, a similar bullish sentiment is building, with analysts becoming optimistic. Henrik Zeberg, Head Macro Economist at Swissblock, noted that WIF is "breaking out of a long ABCDE-consolidation" and forecasts parabolic price targets by November 11, 2024.
His chart suggests that WIF could reach an $80 price point within the next six weeks, representing a 3526% increase from its current value.
Another independent trader, Dentoshi, has set an immediate price target of $3 for WIF.
In a post on X, he explained that WIF has completed a deep retracement between the 0.618-0.707 Fibonacci retracement lines, also referred to as the "golden pocket hold."
A move out of this zone typically signals a trend reversal, and Dentoshi believes that the previous top of $4.83 is not the true peak.
After breaking the $2 mark, he stated, "Oh, hello there, send it to $3 (and higher)."
On the one-day chart, WIF has confirmed its bullish momentum. It broke out of a falling wedge pattern and closed strongly above the $1.95 resistance, which aligns with the 0.618 Fibonacci level and could act as future support.
The current price target for WIF is $2.85-$3.00, with a key reclaim level at $2.45-$2.50.
At this point, WIF may either experience a pullback to $2 for support or continue its push towards $3 in the coming days.
Sources:
https://cointelegraph.com/news/memecoins-are-back-wif-rallies-46-in-september
