Dogwifhat (WIF) Records A Monthly High Amid A Bullish Breakout

With a 55.56% increase over the previous week, Solana memecoin Dogwifhat (WIF) is once again among the top 50 cryptocurrencies by market capitalization.
WIF is now trading at $2.43, according to CoinMarketCap data.

                                                                                                             Source: CoinMarketCap

According to CoinGecko data, the majority of the top-cap cryptocurrencies in this industry posted losses on July 18, while the market capitalization of all meme coins is down 5.3% overall.

Dogwifhat is still the fourth-biggest memecoin in terms of market capitalization, trailing only Pepe (PEPE), which is valued at $4.82 billion, almost twice as much as Dogwifhat.

WIF's price was trading at $2.36 when anonymous analyst Altcoin Sharper noticed it. He predicted that WIF would "go back within the trading range between 2.40-$3.00" if it broke above $2.50.

It appears that futures traders are hesitating to place bets on Dogwifhat's short-term trajectory due to the price increase. According to CoinGlass statistics, during the past 48 hours, Open Interest (OI), or the total value of all open or unsettled WIF futures contracts across exchanges, has decreased by 4.1%, from $296.67 million to $284.32 million.

A 3% correction in memecoin to $2.235 would wipe away almost $7.87 million in long positions. According to a recent CoinGecko research, opinion toward meme coins is still optimistic in 2024 because this asset class is still one of the most popular stories.

Among the top tokens by market capitalization, meme coins have shown the highest average return of 1,312%, making them one of the strongest developments in the cryptocurrency space in 2024.

WIF price predictions in 2024

For the last three weeks, the pivotal levels have been the $2.4 resistance and the $1.48 support level.

This implied that unless the bulls are extremely powerful, it could be challenging to break the supply zone at $2.4 in a single try.

The buying volume was gradually increasing, according to the OBV, but it had just surpassed the local peak. As a result, the buyers were encouraged by the early indicators.

It looked as though the Stochastic RSI was about to indicate a reversal of momentum. Additionally, the MACD was below neutral zero in the last few weeks, indicating weak momentum. Over the last 10 days, there has been a significant increase in the Open Interest paired with a rise in the Funding Rate. The previous five days saw a $131 million increase in the OI.

Although the spot CVD has bounced back from its decline earlier in the month, it hasn't managed to surpass the highs set in late June.

The comparatively feeble spot demand could cause WIF's momentum to stall at the $2.4–$2.5 resistance range.