Dogwifhat (WIF) leads as Solana’s largest memecoin, surpassing PEPE’s market cap. Nonetheless, it nonetheless falls wanting DOGE and SHIB. A latest uptick in its worth has been famous. On the similar time, its 7-day RSI has barely decreased. This mix suggests an opportunity for extra value progress.
Moreover, EMA traces are displaying a constant upward pattern. This pattern hints at a optimistic future. It implies WIF’s value may quickly exceed the $4.7 mark.
Regardless of Its Progress, WIF Is Nonetheless Behind Different Memecoins
WIF has established itself because the main memecoin within the Solana blockchain ecosystem. It showcases a market capitalization that considerably outshines that of its nearest rival, BONK, by an element of two.
The memecoin has seen a rare surge of greater than 2,000% within the yr 2024 alone, skyrocketing from a humble starting at $0.17 on January 1 to an astonishing $3.75 by March 29. WIF value YTD progress eclipses the expansion of different well-known memecoins, similar to FLOKI, which has seen a 558% progress, and PEPE, with a 455% improve.
With a staggering 66.22% progress within the final seven days, WIF is now the third-largest memecoin by market capitalization, surpassing PEPE. Regardless of this monumental achievement, the WIF market cap stays 5 occasions smaller than SHIB.
The rising and dynamic Solana memecoin ecosystem suggests WIF’s value may climb even greater.
Learn Extra: How To Purchase Dogwifhat (WIF) and All the pieces Else To Know
Regardless of Its Progress, WIF RSI Nonetheless Exhibits Potential
The value of WIF elevated between March 28 and March 29. Nonetheless, its 7-day Relative Power Index (RSI) skilled a slight lower, shifting from 86 to 85.
The RSI measures value momentum on a 0 to 100 scale. An RSI above 70 suggests an overbought, probably overvalued asset prone to pull again. An RSI under 30 signifies an undervalued asset poised for a rebound.
The slight discount in WIF’s RSI amidst a value improve means that whereas the value is rising, the momentum behind its rise is just not excessively overheated, permitting room for additional progress with out rapid overvaluation issues.
That is notably bullish for WIF’s value outlook, particularly contemplating that the final occasion of a day-to-day drop in WIF’s 7-day RSI was adopted by a outstanding surge of over 100% in its value inside the subsequent two weeks, indicating the potential for a repeat efficiency.
WIF Worth Prediction: Can It Cross $4.70 In April?
The evaluation of WIF 4-hour value chart reveals an encouraging signal for traders: all Exponential Shifting Common (EMA) traces are positioned under the present value line, with short-term traces standing above the long-term traces and a noticeable hole between them.
This configuration is usually thought of bullish, indicating sturdy present momentum and a wholesome pattern upwards. EMAs are a shifting common that locations a higher weight and significance on the latest information factors, making them extra conscious of new data and value adjustments than easy shifting averages. This sensitivity to latest value actions helps merchants establish pattern path extra swiftly and precisely.
EMA traces positioned with short-term above long-term, all under the value, point out WIF is on a powerful uptrend. This implies doable continued progress. Contemplating historical past, the place an RSI drop triggered over a 100% value leap in two weeks, WIF may goal $4.70 if developments maintain.
Learn Extra: Memecoins: Gateway to Crypto Adoption or Harmful Distraction?
But, warning is suggested. A possible downtrend may see WIF fall to $2.12. This highlights the necessity to watch market alerts and modify methods as wanted.
Disclaimer
According to the Belief Challenge tips, this value 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 vary with out discover. At all times conduct your personal analysis and seek the advice of with knowledgeable earlier than making any monetary choices. Please observe that our Phrases and Circumstances, Privateness Coverage, and Disclaimers have been up to date.