The knitted-hat-wearing canine of the crypto world, , is back in the spotlight. After a price slump in April, WIF has rekindled its meme magic, surging 21% in the past week and reigniting dreams of a $5 price target.
WIF price action. Source: CoinGecko
The rise has happened for a number of strong reasons. Traders are once again interested in both the Spot and Derivatives markets, which is why WIF’s daily trading volume has reached an amazing $507 million. This rise in liquidity makes it look like the market is ready to jump back on the Dogwifhat bandwagon.
The celebration continues in the futures market, where trade volume increased by 53.9%. A robust 25% increase was also observed in the Open Interest (OI) indicator, which measures open leveraged positions. This suggests that traders are making significant wagers on WIF’s future.
The price of is moving exactly as we predicted and broke the trendline of resistance.
Get ready , the target for is $4.5.
— Market Spotter (@MarketSpotter)
Comparable to letting the dogs go after a protracted slumber. There’s a feeding frenzy going on because the long-suppressed demand for WIF has now been released. Will the uptrend continue with this meme coin with a dog theme? Perhaps. Perhaps not.
Price Predictions: Chasing A Double-Digit Dream
Analysts are scrambling to adjust their pricing projections in light of WIF’s recent bellicose remarks. Market Spotter, a reputable cryptocurrency forecaster, has revised its projection for WIF in the impending bull run to a cautious $4.50. Meanwhile, some experts have even bolder suggestions.
WIF market cap currently at $2.3 billion. Chart:
Bluntz Capital, the cryptocurrency prophet who correctly identified WIF’s June low, is announcing a double-digit price objective. Bluntz thinks WIF is up for a big rise, citing a technical analysis tool called the Elliott Wave Theory.
The analyst said that the market has not seen an abrupt 5-wave increase like this one in months. For Dogwifhat, this might be the start of an incredibly amazing trip.
starting to feel confident bottom is now in.
not only did we get a nice 70% correction from peak to trough down to $1.46, but the structure played out in a long drawn out 3 waves exactly as i wanted to see as outlined in OP.
we now also have an impulsive 5 wave rise from…
— Bluntz (@Bluntz_Capital)
Memes And Community Fuel The Fire
Although the technical indicators and charts point to a bullish prognosis, Dogwifhat’s active community is its lifeblood and should not be overlooked. The passionate crew behind WIF keeps the meme coin current with a constant stream of funny dog-themed memes and community airdrops. This steady backing creates a force that is too powerful to be disregarded in the somewhat illogical world of meme currency.
But CoinCodex projects a quite positive 223% for Dogwifhat (DWFH) by July 31, 2024, bringing it to $7.30. Technical data as well as market attitude support this hopeful stance.
Although the Fear & Greed Index is at 53, suggesting a neutral market, present attitude is upbeat and with great short-term expectations. Absence of bias suggests stability since investors wait for more indications.
Dogwifhat’s success over the last month has been all over the place. Only 11 of the 30 days saw price growth, or 37% of the days; this is a very high volatility rate of 22.27%. This high volatility means that prices will change a lot, which is good for speculators with short-term investment goals but bad for people who want to save for the long run.
Featured image from Westend61, chart from TradingView
They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
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Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!
So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
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