Dogwifhat (WIF) Jumps 21% As Analysts See $4.5 Price Tag

The knitted-hat-wearing canine of the crypto world, Dogwifhat (WIF), is back within the highlight. After a price slump in April, WIF has rekindled its meme magic, surging 21% prior to now week and reigniting dreams of a $5 price goal.

WIF price motion. Source: CoinGecko

Wags And Trades: A Market Rejuvenated

The rally has been fueled by a potent cocktail of things. Renewed interest from traders on each Spot and Derivatives markets has seen WIF’s every day trading volume explode, surpassing a staggering $507 million. This surge in liquidity indicates a market desirous to jump back on the Dogwifhat bandwagon.

The party extends to the world of derivatives, with trading volume spiking by 53.9%. The Open Interest (OI) indicator, a gauge of open leveraged positions, also saw a healthy 25% increase, suggesting traders are placing big bets on WIF’s future.

The worth of $WIF is moving exactly as we predicted and broke the trendline of resistance.

Prepare #Spotters, the goal for #Dogwifhat is $4.5. pic.twitter.com/RdNCT2JabP

— Market Spotter (@MarketSpotter) July 1, 2024

It’s like letting the dogs out after a protracted nap. The pent-up demand for WIF is finally unleashed, and it’s making a feeding frenzy. Will this canine-themed meme coin sustain the rally? Perhaps. Perhaps not.

Price Predictions: Chasing A Double-Digit Dream

Analysts are scrambling to regulate their price targets in light of WIF’s recent bravado. Market Spotter, a well-liked crypto forecasting firm, has revised its prediction to a conservative $4.50 for WIF in the following bull run. Nonetheless, some analysts have even bolder visions.

WIF market cap currently at $2.3 billion. Chart: TradingView.com

Bluntz Capital, the crypto soothsayer who accurately predicted WIF’s bottom in June, is barking up a double-digit price goal. Citing the Elliott Wave Theory, a technical evaluation tool, Bluntz believes WIF is poised for a big upward trajectory.

This recent upswing is the primary impulsive 5-wave rise the market has seen in months, declared the analyst. This might be the start of a really epic journey for Dogwifhat.

beginning to feel confident $wif bottom is now in.

not only did we get a pleasant 70% correction from peak to trough right down to $1.46, however the structure played out in a protracted drawn out 3 waves exactly as i desired to see as outlined in OP.

we now even have an impulsive 5 wave rise from… https://t.co/p5HhwIZz0t pic.twitter.com/2ilQvaMC2c

— Bluntz (@Bluntz_Capital) June 28, 2024

Memes And Community Fuel The Fire

While technical indicators and charts paint a bullish picture, it’s crucial to recollect the center and soul of Dogwifhat: its vibrant community. The passionate army behind WIF continues to maintain the meme coin relevant through a relentless stream of hilarious dog-themed memes and community airdrops. This unwavering support creates a strong force that may’t be ignored in the usually whimsical world of meme coins.