Dogwifhat (WIF), Solana’s largest memecoin project, has recently experienced a significant price rebound amid the broader crypto market’s volatility. On April 14, WIF price surged 16%, reclaiming the $2.70 mark after a 50% dip in the previous 72 hours. This price action was accompanied by an unprecedented level of trading activity, with Dogwifhat recording an all-time high trading volume of 1.32 billion WIF on the same day.
TLDR
- Dogwifhat (WIF) price rebounded 16% on April 14 to reclaim the $2.70 mark following a 50% dip in the previous 72 hours.
- Dogwifhat recorded an all-time high trading volume of 1.32 billion WIF on April 14, suggesting increased demand and liquidity.
- WIF bulls face a looming sell-wall at the $3 territory, according to insights from the Bollinger Band (4h) indicators.
- The crypto market is experiencing price corrections and volatility due to the ongoing Iran-Israel war, with major coins like Bitcoin dropping to $63K.
- CoinCodex predicts WIF to surge 50% by April 21, 2024, and 239% by May 14, 2024, potentially reaching $10.
The surge in trading volume suggests that investors are taking advantage of the recent market dip to buy WIF at a discount. The increased liquidity in Dogwifhat markets has been crucial in helping the token outperform the broader market and record double-digit gains.
This newfound demand could potentially propel WIF price above the $3 milestone in the days ahead, although bulls may face resistance at the $2.95 territory, as indicated by the Bollinger Band (4h) indicators.
The ongoing Iran-Israel war has caused significant volatility across the crypto market, with major coins like Bitcoin dropping to $63K. However, as the price volatility has slightly decreased over the last 24 hours, Bitcoin has regained its $67K price threshold. With the upcoming Bitcoin halving event, leading cryptocurrencies are expected to regain their strength.
????JUST IN: $WIF @dogwifcoin is up 29% in last 24 hours pic.twitter.com/H64duJvKQC
— SolanaFloor | Powered by Step Finance (@SolanaFloor) April 14, 2024
Despite the challenging market conditions, Dogwifhat has emerged as the biggest gainer among its peers, gaining nearly 15% in the last 12 hours.
According to CoinCodex, a leading crypto analytics platform, WIF is expected to surge 50% by April 21, 2024, potentially trading at the $4.45 mark if market sentiment supports its ascent. Furthermore, the platform predicts that WIF could surge by a whopping 239% by May 14, 2024, reaching $10.
However, investors should be aware of the critical price levels at which WIF may experience maximum price resistance. Based on the classical pivot point (P1) with a value of $2.40, Dogwifhat has support levels at $1.940346, $1.527583, and the strongest at $0.072916. Similarly, resistance levels are at $2.81, $3.26, and $3.68.
As Dogwifhat continues to gain traction among investors, its performance in the coming weeks will be closely watched. The increased demand and liquidity, coupled with the potential for significant price surges, make WIF an attractive option for those looking to capitalize on the current market conditions.
However, as with any investment, it is crucial to conduct thorough research and exercise caution in the face of market volatility.
