Dogwifhat (WIF) stands as the most important meme coin on Solana, although it nonetheless lags behind DOGE, SHIB, and PEPE. Just lately, WIF worth noticed an 11% improve in worth inside 24 hours, but its social dominance stays comparatively low.
The EMA traces for WIF’s worth point out a gradual upward pattern, suggesting a constructive outlook. This pattern means that meme coin may surpass the $2.7 stage once more quickly.
WIF Is Nonetheless The King of Solana Memecoins, However Competitors Is Heating Up
WIF has solidified its place as the highest meme coin throughout the Solana blockchain, although its market cap has declined in comparison with earlier months. The hole between WIF and Solana’s second-largest memecoin, BONK, can also be narrowing.
In 2024, WIF skilled a rare rise of over 986%, hovering from simply $0.17 on January 1 to a powerful $3.75 by March 29. This year-to-date development far surpasses that of different well-liked meme cash, akin to FLOKI, which noticed a 278% improve, and PEPE, with a 496% rise.
Learn extra: How To Purchase Dogwifhat (WIF) and All the pieces Else To Know
With a 24.45% bounce over the previous week, WIF is now the fourth-largest meme coin by market cap. Regardless of its spectacular climb, WIF’s market cap continues to be about 5 instances smaller than SHIB’s.
Solana’s increasing memecoin panorama suggests WIF’s worth may rise additional. Nonetheless, rising competitors from different tokens like BONK and POPCAT could pose challenges for WIF within the coming weeks.
WIF ADX Signifies A Robust Upward Momentum
WIF’s present ADX studying of 33, mixed with its bullish pattern, signifies a reasonably robust upward momentum out there. This implies that WIF is experiencing sustained shopping for stress, and the upward worth motion has stable backing, probably resulting in additional features if the pattern continues.
The Common Directional Index (ADX) is a technical indicator that measures the energy of a pattern, no matter its route, on a scale from 0 to 100.
ADX thresholds are sometimes interpreted as follows: values beneath 25 point out a weak or non-existent pattern, 25-50 suggests a robust pattern, 50-75 factors to a really robust pattern, and readings above 75 (that are uncommon) signify a particularly robust pattern which may be troublesome to maintain.
With WIF’s ADX at 33, it falls throughout the “strong trend” class, supporting the noticed bullish motion and suggesting that trend-following methods may be efficient within the present market circumstances.
WIF Value Prediction: Can It Get Again To $2.70 Quickly?
The 4-hour worth chart for WIF reveals a bullish configuration. All of the Exponential Transferring Common (EMA) traces are positioned beneath the present worth. The short-term EMA traces are above the long-term EMA traces, with a noticeable hole between them.
This setup is usually considered as a constructive signal for traders.
EMAs are a sort of transferring common that provides larger weight to more moderen information factors. This makes EMAs extra conscious of new data and worth adjustments in comparison with easy transferring averages.
The sensitivity of EMAs to current worth actions helps merchants determine the route of the pattern extra shortly and precisely. General, the WIF 4-hour worth chart shows encouraging alerts that may very well be of curiosity to traders.
Learn extra: The right way to Purchase Solana Meme Cash: A Step-By-Step Information
Given this constructive momentum, WIF may probably goal a worth of $2.70 if the present developments persist. Nonetheless, it’s essential to train warning, as a possible downward pattern may see WIF’s worth fall to $1.44.
This highlights the necessity for traders to intently monitor market alerts and be ready to regulate their methods accordingly. Whereas the present state of affairs seems favorable for WIF, competitors is heating up, with BONK and POPCAT probably attracting cash that might go into WIF.
Disclaimer
In keeping with the Belief Challenge tips, this worth evaluation article is for informational functions solely and shouldn’t be thought of monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market circumstances are topic to alter with out discover. At all times conduct your personal analysis and seek the advice of with an expert earlier than making any monetary selections. Please be aware that our Phrases and Circumstances, Privateness Coverage, and Disclaimers have been up to date.
