- WIF crypto price has increased over 17% during the weekly trading session.
- dogwifhat price has given a breakout from a descending triangle pattern at $2.75.
- The technical indicators summary suggests a strong bullish signal in the current phase.
dogwifhat (WIF) is a cryptocurrency, a meme coin based on an internet meme of a Shiba Inu dog wearing a pink knitted hat. Crypto embodies the speculative nature of the meme coins, building an organic social media community and offering potential high returns.
For the last four months, WIF crypto has been reflecting massive returns. The price shows 28% positive profitability in the present month, although it faced some adverse remarks in April 2024.
WIF Crypto May 2024, Performance, Supply Changes & Valuation
With a market cap of $3.22 billion, WIF crypto placed itself amongst the top 35 most dominant cryptocurrencies across the globe. It is a massive achievement for any meme coin to gain so much public interest in a short span of time. While comparing to the similar meme coins, dogwifhat crypto price is outperforming by almost 7%.
Additionally, crypto also has outperformed the global cryptocurrency market by 16.10%. Conversely, the community behind this dog-themed meme coin shows 70% bullish remarks in today’s session. The current circulation supply of WIF tokens is at 998 million. It reflects higher liquidity with a VMR of 14.64%.
Price to Volatility & Social Dominance Analysis
At the end of Feb 2024, the social tweets about the WIF crypto have risen on social media platforms. During the upsurge, the social sentiments covered almost 1% dominance worldwide.
Consequently, the price started rising with high volatility, reflecting the importance of socials. The social dominance is slowly rising along with the price, and the volatility graph reflects stability at 0.038.
Technical Analysis of the dogwifhat (WIF/USD
The short-term outlook lies above the critical exponential moving average on the bullish side. The crypto price has rebounded the 50-day EMA from below, indicating the uptrend continuation.
WIF crypto price has given a breakout from a descending triangle pattern at $2.75. Afterward, the price surged almost 34% and made a retest to the breakout level. In the last two trading sessions, the price formed bullish candles, reflecting buyers’ presence from the $2.75 breakout level.
The relative strength index (RSI) shows a bullish momentum in the current trading phase. Both RSI and SMA lines had a golden crossover, indicating a potential shift in strength. The RSI is moving at 53.13.
Summary
The WIF crypto price experienced heavy profit bookings from the $4.88 resistance level. The price had a bullish correction phase in the form of a descending triangle. In recent sessions, the descending triangle was broken by an upsurge in price from the $2.34 demand zone. The technical speculation in accordance with dogwifhat crypto is bullish at the current phase as per the price action.
Technical Levels
The immediate support for the WIF crypto at the time of writing was $1.98, while the $3.84 level is the next resistance. If the crypto price can make past the upper resistance level, an upsurge in price can be expected. Likewise, a drop below the aforementioned support level can lead to a price pullback to the lower levels.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.