Is Dogwifhat (WIF) Price Going To $4.70?

Dogwifhat (WIF) surpasses PEPE in market cap and leads Solana as the largest memecoin. However, it is still lower than DOGE and SHIB. A recent increase in value has been observed. At the same time, its 7-day RSI declined slightly. This combination suggests the possibility of further price growth.

Additionally, EMA lines are showing a consistent upward trend. This trend bodes well for the future. It indicates that YF price may soon surpass the $4.7 mark.

Despite the growth, WIF is still behind other Memecoins

WIF has established itself as the leading memecoin in the Solana blockchain ecosystem. It features a market capitalization twice as large as that of its closest competitor, BONK.

Memecoin was launched in 2015. 2024 alone saw an extraordinary increase of over 2,000%, rising from a modest $0.17 on January 1 to $3.75 on March 29. Like FLOKI, which saw a growth of 558%, and PEPE, with an increase of 455%.

With an impressive 66.22% growth in the last seven days, WIF is now the third largest memecoin by market capitalization, surpassing PEPE. Despite this great success, WIF's market value is five times lower than SHIB's.

Solana's growing and dynamic memecoin ecosystem suggests that WIF's value could rise from here.

Read more: Dogwifhat (WIF) and others to know how to buy

Despite the development, the WIF RSI still shows potential

YF price increased from March 28 to March 29. However, the 7-day Relative Strength Index (RSI) showed a slight decline, moving from 86 to 85.

RSI measures price movement on a scale of 0 to 100. An RSI above 70 suggests an overbought, potentially overvalued asset. An RSI below 30 indicates that an undervalued asset is set for a reversal.

A slight dip in WIF's RSI in the midst of a price rally shows that while prices are on the rise, the pressure behind the results is not overheated, allowing room for further upside without immediate overvaluation risks.

This is particularly bullish for WIF's price outlook, especially considering that the last intraday downtrend in WIF's 7-day RSI has seen a dramatic over 100% price rally over the next two weeks, a repeatability.

WIF Price Forecast: Can it cross $4.70 in April?

Analysis of the WIF 4-hour price chart shows an encouraging sign for investors: all EMA lines are positioned below the current price line, short-term lines are standing above long-term lines, and there is a visible gap between them.

This configuration is typically considered bullish, indicating strong current momentum and a healthy uptrend. EMAs are moving averages that place greater weight and importance on the most recent data points, making them more responsive to new information and price changes than simple moving averages. This sensitivity to recent price movements helps traders identify trend directions more quickly and accurately.

EMA lines above the short-term and long-term, all below the price, indicate that WIF is in a strong uptrend. This suggests that there may be continued growth. Given history, where the RSI's decline has triggered more than a 100% price jump in two weeks, WIF could reach $4.70 if trends hold.

Read more: Memecoins: Gateway to Crypto Adoption or Dangerous Distraction?

However, caution is advised. A bearish trend could see WIF fall to $2.12. This shows the importance of watching market signals and adjusting strategies accordingly.