Dogwifhat gained 13% in one day, reaching a high of $1.77 on August 6. This boost comes after a big fall from its earlier high of $2.89 just two weeks ago. Built on Solana, this memecoin caught investors’ attention again despite the sharp drops it faced recently, dipping to a low of $1.07 on August 7.
The most recent data from TradingView shows a strong rebound for Dogwifhat, climbing 66% to an intraday high of $1.77. This recovery is linked to positive feelings in the market and a jump in how much Dogwifhat was traded, hinting that it might be stabilizing after its recent shaky performance.
In a market where most large memecoins are posting losses, Dogwifhat gain stands out. The total memecoin market capitalization has only risen by 5.3%, highlighting WIF’s significant performance. SolanaFloor, a key news source for Solana updates, noted on August 7 that WIF has become the top gainer among the top 100 coins by market cap.
Dogwifhat Gain Leads Solana Market
Dogwifhat remains the fourth largest memecoin by market capitalization, just below Pepe, which has almost twice Dogwifhat’s market cap at $3.13 billion. Despite facing resistance, analysts remain optimistic about WIF’s future. Analyst Kyledoops highlighted that WIF, trading at $1.74, is a top pick within the Solana ecosystem. He noted the potential for a slight pullback due to the EMA Ribbon overhead but maintained that WIF is the best choice on Solana.
Source: Kyledoops
CryptoJack, another respected trader, suggested that WIF’s recent dip below $1.5 was a “fake breakout” and that the memecoin quickly recovered. This view aligns with technical indicators showing a V-shaped recovery chart pattern on the daily chart, supported by two green engulfing candlesticks indicating bullish control.
Dogwifhat Gain Driven by Strong Technicals
The $1.50 mark is currently acting as a strong support level for WIF. The relative strength index has increased from 27 to 38 between August 5 and August 8, suggesting a return of buyers. Increased buying at these levels could push WIF’s price to challenge resistance from the 50-day and 100-day exponential moving averages (EMA) at $2.13 and $2.34, respectively. Beyond that, WIF’s price could potentially rise to $2.90, representing an 80% gain from the current price.
Moreover, the demand for leveraged long positions in WIF has increased, as shown by the perpetual futures funding rate. Data from Coinglass indicates that WIF’s perpetual funding rate has turned positive after dipping into the negative following the August 5 market sell-off. A positive funding rate suggests that buyers are seeking more leverage, while a negative rate indicates sellers’ increased need for leverage.
Dogwifhat Gain Signals Strong Market Confidence
The current funding rate of 0.0066% per eight hours translates to a 0.13% cost over a week, which is manageable for traders building futures positions. Typically, an imbalance driven by excessive optimism can push this rate above 1% per week, signaling strong market confidence in WIF’s future performance.
The positive momentum for Dogwifhat gain is a significant indicator of its growing market presence and investor confidence. As WIF continues to gain traction, it remains a top pick among memecoins on the Solana platform.
Dogwifhat Gain Signals Bullish Future
In conclusion, the Dogwifhat gain of 13% in one day shows its strong position in the market and growing investor confidence. This Solana-based memecoin is gaining more attention as it continues to recover. It’s important to stay updated with the latest news to understand where it might head next. This recent increase isn’t just a short-term spike; it suggests that Dogwifhat could have a promising future.
For detailed updates and expert analysis, stay connected to TurkishNY Radio. They provide thorough coverage that can help both new and experienced investors stay informed about Dogwifhat’s progress. Staying informed will be key as this memecoin aims to establish itself further in the cryptocurrency world.
