Can the price of WIF rise above $3? Analysis says ‘yes’
The price of Dogwhiphat (YF) is at a breakout level, suggesting that price action may exceed the $3 mark. Today, YF price increased by 13%, making it one of the best performing crypts in the last 24 hours.
As traders closely monitor the movement, indicators point to a continued upward trend. This analysis explores the technical patterns that support this bullish view and the key levels to watch for.
The amount of dogwhip increases with the price
At the time of press release, the price of WIF stands at $2.68. Apart from the increase in price, the meme coin has also seen a significant increase in volume. According to Sentiment, Dogwiffhat's trading volume reached $719.31 million in the past 24 hours, indicating increasing demand for the token as it continues its two-week comeback.
Typically, a price rise with low volume is a bearish sign, as it indicates weak liquidity behind the trend. However, increasing WiFF prices, coupled with increasing volume, will strengthen the current trend. Trading volume must continue to increase for the rally to continue. If this pace continues, WIF could push to $3 or more.
Read More: 5 Best Dogwifhat (WIF) Wallets to Consider in 2024
Additionally, the sentiment around WIF, which was previously in the negative zone, jumped into positive territory. A sense of gravity shows the level of positive or negative opinions about cryptocurrency online.
When the reading comes up, it indicates that there are more positive comments than negative on social media. Conversely, a negative level indicates the opposite. If WIF's weight sentiment is currently positive, this indicates that demand for the token may increase, which may push its price higher.
WIF price prediction: $3 and more to come
Based on the daily chart, WIF price is trading well above the Ichimoku Cloud. The Ichimoku Cloud is a collection of indicators that show support, resistance, and spot trends. However, the cloud is the most important part of all indicators.
Normally, when the price is below the cloud, the trend is weak. However, at the time of publication, the cloud is below the WIF price, indicating a bullish trend for MemCoin. If this remains the same, the price of MemCoin could rise above the $2.82 resistance, possibly reaching $3.22 in the short term.
Read more: How to buy Dogwifhat (WIF) and everything we need to know
However, YFF price may pull back if it does not breach the resistance above. In that case, MemCoin could drop to $2.30.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
