As WIF edges closer to this significant resistance level, this article will assess its recent price action, highlighting the bulls’ regained strength. Through an analysis of key technical indicators and market dynamics, this piece seeks to evaluate whether the current bullish momentum is strong enough to push WIF past the $2.89 resistance, signaling the potential for further upward movement.

Market Sentiment Shifts: Bulls Take Charge As Buying Pressure Increases

WIF has consistently held its position above the 100-day Simple Moving Average (SMA) on the 4-hour chart, signaling upside movement. Recently, the asset experienced a rebound from the $2.45 support level, further enhancing positive market sentiment.

If the price remains above the SMA, it could establish a solid foundation for another upward movement toward the $2.89 resistance level. This combination of support and bullish arrows suggests that WIF is well-positioned for more gains in the near term.

An analysis of the 4-hour Relative Strength Index (RSI) indicates renewed upside potential, with the RSI climbing to 49% after previously dipping to 41% suggesting that buying momentum is gaining strength as the market shifts from a bearish phase toward a more neutral stance.

Additionally, the daily chart shows that WIF is facing significant upward pressure, as evidenced by attempts to form bullish candlesticks. This positive trend is further supported by the asset’s position above the critical $2.20 support level and the 100-day SMA. As WIF continues on this path, it strengthens the optimistic sentiment in the market, paving the way for additional gains as it nears the $2.89 mark.

Lastly, the RSI on the daily chart is currently at 58%, having recently recovered from a dip to the 56% threshold. Should the RSI continue to climb, it could signal further strength in WIF’s price action. Furthermore, a sustained move above the 60% mark could enhance the likelihood of continued upbeat momentum and potential breakouts, reinforcing the positive outlook for the asset.

Key Resistance At $2.89: Can WIF Break Through?

WIF’s price could reach the $2.89 resistance level if it demonstrates sustained bullish pressure, bolstered by strong buying volume and positive market sentiment. A successful breakout above $2.89 may pave the way for further gains, possibly leading to new highs and increasing investor interest.

Conversely, if WIF fails to break through this level, it could lead to a pullback, causing the price to drop toward the $2.25 support level. Should it fall below this mark, the meme coin may continue its decline, potentially targeting the $1.50 level and beyond.

TD Sequential Flashes Buy Signal At $2.5

As Ali Martinez noted, the TD Sequential has been highly spot on with predicting trends in the price of Dogwifhat for a while now. The TD Sequential indicator consists of two phases: a setup phase, which generates a count from 1 to 9 based on a specific price, and a countdown phase, which also counts down based on previous price action. 

Martinez shared insights from the WIF/Tether US 4-hour candlestick price chart, illustrating that the TD Sequential indicator has consistently delivered accurate buy and sell signals for Dogwifhat since the beginning of October. As it stands, the indicator is now pointing toward a buy signal. For a buy setup on the TD Sequential, the current candle’s close must be lower than the close of the previous four candles.

At the time of writing, Dogwifhat has experienced a correction of approximately 14% over the past three days, having peaked at $2.958 on October 14. However, the TD Sequential on the 4-hour candlestick chart is now pointing towards the continuation of a larger upward trend for the rest of the month.

What’s Next For The Dogwifhat Price?

Dogwifhat’s popularity kicked off in early 2024 when the meme coin community enthusiastically dubbed it the “Shiba Inu Killer.�Dogwifhat, which started the year around $0.15, was shot into the spotlight in March and April during a frenzy surrounding Solana-based meme coins in the first half of 2024. 

This surge in interest caused Dogwifhat to go on a price rally, culminating in an all-time high of $4.83. Following this all-time high, the meme coin experienced a substantial correction and is now characterized by smaller rallies and corrections. However, it still remains the largest Solana-based meme coin with a market cap of $2.56 billion.

Even with the recent price decline over the past three days, Dogwifhat has managed to maintain impressive gains of around 68% over the past 30 days. Now that the TD Sequential indicator is printing a buy signal, this price increase is expected to continue for the rest of what looks like a bullish October. At the time of writing, the Solana-based meme coin is trading at $2.57, with a bullish price target of $4 before October comes to a close.

Solana, on the other hand, hasn’t been able to keep up with Dogwifhat gains in the past 30 days. At the time of writing, Solana is trading at $153, up by 15% in the same 30-day timeframe.

As the broader crypto market navigates a period of volatility and uncertainty, traders eagerly search for confirmation of a potential rally. WIF, which has gained significant traction in recent months, is now at a crucial point where the next move could define its short-term future.

Prominent analyst and investor Ali Martinez has shared insightful data suggesting a bullish outlook for DogWifHat. Metrics point toward a rise in price action, which could lead to a breakout, with WIF potentially surging to the $4 mark if momentum continues to build. 

However, the coming days will be key in determining whether a bull trend can be confirmed as market participants await signs of sustained upward movement. All eyes are on WIF to see if it can capitalize on this moment and rally to new heights.

DogWifHat Turning Point 

DogWifHat (WIF) is at a critical turning point, with its price hovering just above the $2.5 mark, a crucial psychological level for confirming an ongoing uptrend. Investors and traders are closely watching this level, as its ability to hold will determine whether WIF pushes to new highs or retraces to lower demand zones.

Top analyst Ali Martinez recently shared a technical analysis on X, revealing that a buy signal has appeared for WIF on a key indicator, the TD Sequential. 

The TD Sequential, known for accurately predicting trend reversals in the crypto market, has previously been spot-on for DogWifHat. According to Martinez, this new buy signal could be the catalyst that sends WIF into a bullish phase, fueling optimism among investors.

The overall sentiment in the market is also leaning toward a potential surge as volatility continues to rise and other major cryptocurrencies show signs of life. Martinez’s analysis supports the growing belief that WIF could be on the verge of a breakout, especially if it holds the $2.5 level. 

However, if the price fails to maintain this support, investors expect a drop to lower demand levels. In the coming weeks, WIF’s price movement will be pivotal in determining whether the meme coin continues its upward trajectory or faces further corrections.

WIF Technical Analysis 

WIF is currently trading at $2.62 after experiencing a few days of volatile price action within a sustained uptrend. On Monday, the price set a new high at $2.97 but has since retraced slightly and is now testing crucial demand at a previous resistance level of around $2.5. 

This level is key for bulls, as holding above $2.5 would maintain the upward momentum and set WIF up to target the $3 mark, in line with the broader market’s continued push upward.

However, should WIF fail to hold the $2.5 level and close below it, this could indicate a shift in the price structure and signal the start of a correction. 

Traders are keeping a close eye on these levels, as a drop below $2.5 would suggest weakening bullish momentum and the potential for a pullback to lower support areas. The next few days will determine whether WIF continues its uptrend or faces a short-term retracement.

Featured image from Dall-E, chart from TradingView

Meme Coins Soaring But PELF Deployer Dumping

The lift-off in Solana has seen some of its ecosystem tokens massively benefit. Among the many, Solana-based meme coins continue to rip higher. According to Coingecko, three Solana meme coins, including Popcat and DogWifHat, now command a market cap above $1 billion.

While investors are closely tracking the performance of Popcat, the first cat-themed meme coin to break above the $1 billion level, some whales are fading the current bull run. One analyst, citing Nansen data, observes that the deployer of the PELF, a meme coin on Solana, is offloading.

Initially, the deployer received 247 million PELF for 82 SOL worth $12,516. Later, the addresses received another 39.13 million PELF. According to on-chain data, the address has sold 3.2 million PELF for 662 SOL.

Although analysts believe the deployer might have offloaded more tokens through other unknown addresses, the whale currently owns over $7.8 million worth of PELF at spot rates.

Usually, any liquidation by a whale is considered bearish and might significantly influence price action. Retail traders, some interested in meme coins, often closely monitor the accounts of known whales, including deployers. If they choose to sell, moving tokens to a DEX, speculators will also look to sell before prices tank.

Will Improving Crypto Sentiment Drive Demand?

PELF remains in an uptrend, judging by the formation in the daily chart. The token is up nearly 300% from September lows. However, PELF is inside a broader range and down from its March 2024 highs.

If buyers are to take charge, there must be a confirmation of October 14 gains. In that case, PELF could break above $0.0008101, bottoming out from Q3 2024 lows.

Improving crypto sentiment could lift meme coins, driving them to new valuations. As of October 15, the total market cap of Solana meme coins exceeds $10.9 billion.

Interestingly, they continue to grow in strength, looking at the number of Solana meme coins breaking into the top 10. According to Coingecko, Dogecoin is still the most valuable. However, DogWifHat, Bonk, and Popcat are now among the top 10, flipping Floki, Neiro on Ethereum and Brett.

Dogwifhat Back In The Spotlight

Dogwifhat’s rise to prominence began in early 2024, as the meme coin community embraced it as a “Shiba Inu Killer.â€?Dogwifhat, which started the year around $0.15, was shot into the spotlight in March and April as part of the craze surrounding Solana-based meme coins in the first half of 2024. This saw the meme coin surging by over 3,100% to peak at $4.84. Although the meme coin’s price has corrected since then, it continues to be popular among meme coin investors and is supported by a strong online community.

Dogwifhat has posted incredible gains in September and is currently up by 9.5% in the past 24 hours. Renowned crypto analyst Rekt Capital suggests that Dogwifhat’s recent breakout of its multi-month downtrend is just the beginning. According to him, this move is one of the first signals of a broader altcoin rally, which he forecasted in a previous analysis. Furthermore, the analyst noted that WIF is on the cusp of beginning a new macro uptrend.

The only other time $WIF broke out of it’s downtrend and flipped the 4H 200’s was back in February.

After that the price of $WIF gained 1600% over the course of 48 days.

Looks like we’re about to find out if history does repeat itself. pic.twitter.com/MhvWjHA9SS

�Sito (@0xyusu) September 26, 2024

Adding to the positive sentiment, another crypto expert, Gumshoe, highlighted a key development in WIF’s market activity. According to him, $35 million worth of Dogwifhat has been transferred from crypto exchange Binance into self-custody wallets in the past seven days. Such withdrawal transfers suggest growing investor confidence in holding WIF long-term.

According to a WIFUSDT chart posted on social media platform X by another crypto trader going by the name Sito, WIF’s breakout has seen the crypto flipping the 4-hour 200-moving average. The last time this technical move occurred was back in February, and it led to a staggering 1,600% gain over 48 days. Sito speculated that if history were to repeat itself, Dogwifhat could once again experience a massive price surge, potentially reaching $25 in the coming weeks.

The only other time $WIF broke out of it’s downtrend and flipped the 4H 200’s was back in February.

After that the price of $WIF gained 1600% over the course of 48 days.

Looks like we’re about to find out if history does repeat itself. pic.twitter.com/MhvWjHA9SS

�Sito (@0xyusu) September 26, 2024

What’s Next For Dogwifhat?

At the time of writing, Dogwifhat (WIF) is trading at $2.4. Replicating a 1,600% jump might be more challenging this time around. Given the current price levels, it would require a much larger influx of capital to achieve such a dramatic increase in value compared to earlier this year.

However, this doesn’t take away the fact that the meme coin is at the cusp of a continued momentum to the upside. The first step is breaking above a July order block around $2.665. A successful break above this would set the stage for additional price gains up until its recent all-time high of $4.84.

The expansion of meme coin prices has also been a boom to DogWifHat (WIF). Solana’s largest meme coin by market cap is up 14% on the last day, pushing weekly gains to over 31%. At the current valuation, WIF is the fourth most valuable coin, trailing Dogecoin, Shiba Inu, and Pepe.

DogWifHat Whale Accumulating, Meme Coin Soaring

Lookonchain data reveals that a meme coin whale accumulates as WIF prices tick higher. Tracking the address’ movements, the largest WIF holder, data shows, appears to be steadily accumulating.  

By buying as prices begin to recover from their August and September lows, the move is an endorsement of the meme coin’s potential in the coming months.

On September 26, the whale borrowed 2 million USDC and bought 894,854 WIF at $2.24. Adding to his stash, the address now controls over 32 million WIF. This holding, Lookonchain analysts estimate, pushes the whale’s profits to over $86 million.

However, the whale’s borrowing of USDC and purchase of WIF is not the first time. Mid this week, the same address borrowed 4.5 million USDC from Kamino and bought 2.55M WIF at $1.76.

Looking at this trend, it is evident that the whale expects prices to continue printing higher highs. The daily chart shows that the meme coin is picking up steam.

After sinking to March 2024 lows, the meme coin has recovered, doubling to spot rates. If WIF prices soar above $2.8 and July highs, there could be more room for growth.

Ultimately, the medium-term target would be $4.8, a level last printed in March. However, for this to happen, WIF prices must more than double from spot rates.

Will WIF Follow Popcat And Register Fresh Highs?

The likelihood of WIF printing new all-time highs in the coming weeks or months cannot be discounted. Popcat, another meme coin on Solana, recently broke higher, registering new all-time highs above $1. At spot rates, the token is up nearly 120% in Q3 2024, attracting interest from whales.

After exiting for a loss, losing $611,000, Lookonchain data shows that the whale re-entered the Popcat market, spending $1.29 million worth of SOL to buy 1.3 million POPCAT at around $1. From the daily chart, a close above $1 will be crucial in sustaining the upside momentum.

As the market heats up, this article seeks to analyze WIF’s price action as it approaches the critical $2.1 resistance level, focusing on the bullish strength that has driven recent gains. By examining technical indicators, market sentiment, and potential key levels, the goal is to assess whether the bulls can sustain their push and trigger a breakout, or if bearish pressure may halt the rally.

WIF, with a market capitalization surpassing $2.1 billion and a trading volume of over $528 million, was trading at around $2, indicating an 8.15% increase at the time of writing. In the last 24 hours, its market cap rose by 8.14%, while trading volume saw a decrease of 27.81%.

Bulls Push Gains Steam: Can WIF Surpass The $2.1 Barrier?

Following the recent trendline break, WIF’s price on the 4-hour chart has continued to gain momentum as it reaches $2.1, with the purpose of breaking past it. WIF is also trading above the 100-day Simple Moving Average (SMA), suggesting a positive upward trend that could lead to a potential breakout.

An analysis of the 4-hour Relative Strength Index (RSI) suggests a potential for further upward movement. The RSI has risen again to the 70% threshold after previously dropping to 63%, indicating that positive movement is gaining strength.

On the daily chart, WIF shows strong upside movement, reflected in multiple bullish candlesticks following a successful move above the 100-day SMA. This rising strength suggests that bulls are actively in control and may push the cryptocurrency higher, aiming to surpass the $2.1 mark.

Finally, on the 1-day chart, a detailed examination of the RSI formation indicates that WIF may maintain its optimistic trajectory as the indicator’s signal line has risen above the 50% threshold and is currently positioned at 70%, displaying a sustained bullish outlook.

How High Can The Meme Coin Go Post-Breakout

If the upbeat momentum continues and WIF successfully breaks through the $2.1 resistance level, it could target the next resistance level at $3.5. A decisive move above this level might pave the way for additional gains, possibly reaching its all-time high of $4.8 and beyond.

Conversely, if the breakout leads to profit-taking or bearish sentiment, WIF may retrace to the previous support level of $1.47. When this level is breached, it could result in deeper declines, potentially dropping toward $0.7122 and other lower ranges.