Originally published on: October 18, 2024
The popular Solana-based memecoin, DogwifhatWIF, is making a remarkable comeback as it experiences a 76% rally in its price over the last 30 days. Starting from a low of $1.4 on September 6, WIF has surged to reach a four-month high of $2.97 on October 16.
According to data from Cointelegraph Markets Pro and TradingView, WIF is currently trading at $2.63, marking a 3% increase in the last 24 hours. This impressive performance has positioned WIF as one of the top-performing memecoins in the market.
The uptrend in WIF’s price is not an isolated event, as other memecoins like DogecoinDOGE, Shiba InuSHIB, and PepePEPE have also seen positive price movements recently. However, WIF stands out with its substantial gains of 76% over the past month, surpassing its counterparts in the memecoin space.
Investors have taken notice of WIF’s impressive performance, leading to increased buying pressure and a surge in open interest (OI) over the same period. The rising interest from traders and investors indicates a growing confidence in the memecoin’s potential for further gains.
From a technical standpoint, WIF’s price action suggests a bullish sentiment, with the formation of an ascending parallel channel on the daily chart. The current support at $2.50 and resistance at $2.91 and $3.42 present potential targets for WIF’s price movement in the near term.
While futures traders remain cautious about a sustained recovery, the overall market sentiment favors a continuation of the uptrend in WIF’s price. As always, it’s essential for investors to conduct their own research and exercise caution in the volatile memecoin market.
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