- The volatility of the WIF crypto is extremely high.
- The price of the Dogwifhat has advanced by 3104% from its all-time low price.
Dogwifhat (WIF) is a meme cryptocurrency running on the Solana platform, inspired by the Dogwifhat meme. It joins the ranks of other dog-themed tokens like BONK, FLOKI, and BONE, gaining traction recently. As a meme coin, its value and popularity stem from community backing and social media engagement rather than utility.
The market cap of the Dogwifhat crypto has witnessed a decline of 8.03% in the last 24 hours, and the crypto’s market cap dominance is 0.09%. Also, the value of the crypto’s current market cap is $2.17B.
The trading volume for the crypto has further declined by 6.4% in the last 24 hours. It has resulted in a traded value of $331.04M, and the crypto’s volume/market cap ratio is 15.92%.
The circulating supply of crypto is 998.92M WIF, and the total crypto supply is the same. Moreover, the maximum supply of the cryptocurrency is not defined, and its fully diluted market cap is $2.185B.
The current volatility of crypto is 51.34%, and the fear and greed index for crypto indicates greed at 64, as per Coincodex. Moreover, the all-time high crypto price was recorded on March 15, 2024. Since then, the price of crypto has declined by 38%.
Dogwifhat Crypto Derivatives Analysis
Higher long liquidation has been witnessed in the Dogwifhat crypto over the last few days, indicating the dominance of the sellers. Also, the long liquidation recorded in the previous 24 hours is worth $636.82K.
Furthermore, the short liquidation for the crypto is $264.09K, while the long/short ratio of the crypto is 0.9577. The derivatives trading volume for the crypto has advanced by 1.15%, which further results in a traded value of $906.23M.
Price Volatility Vs Weighted Sentiment
The price volatility of the crypto has slowly advanced, followed by the last few days, while the weighted sentiment of the crypto has witnessed a considerable decline. It shows a lack of social activity in the crypto community.
WIF Crypto Technical Analysis
The price of the WIF crypto is taking support at a crucial level on the lower side, while the price is facing rejection from a dynamic trendline on the higher side. If the price breaks further above the dynamic trendline, followed by the advance in the trading volume, bullish momentum can be seen on the charts.
WIF/USD Chart by TradingView.com
The 20-day and the 50-day EMAs are trading in a bearish cross, while the 50-day and the 200-day EMA are trading in a golden cross on the 4H chart. The price of the crypto has further declined below the 50-day EMA.
The following price behavior indicates weakness, and one needs to wait for a bullish crossover in the 20-day and the 50-day EMAs for a bullish move in the crypto’s price.
The MACD and the signal line are trading flat, indicating uncertainty in the trading price of the crypto, and are trading below the zero level. It is further followed by a bearish cross of the MACD and the signal line.
The RSI also indicates volatility in price as it revolves around a small zone. The RSI further has declined below the 14-day SMA and the 50-level and is currently trading at 44.03.
Summary
With extremely high volatility and declining sentiment, the future path of WIF crypto remains uncertain. Although it has surged significantly from its all-time low, recent price declines and bearish technical indicators suggest caution. Traders watch for a breakout above dynamic trendlines and bullish crossovers in moving averages for potential upward momentum.
Technical Levels:
- Support levels: $1.6700 and $2.0200
- Resistance levels: $2.700 and $3.2800
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.