Dogwifhat (WIF) Is Still Capable of a Rally Despite the 10% Decline

During its rise, Dogwifhat (WIF) price made the meme coin the best-performing altcoin, rising by nearly 27% in the past week.

This bullishness is continuing, given that investors are hopeful of a rise in WIF price.

Dogwifhat Holders Remain Optimistic

WIF’s price loss of the potential of closing above $4.00 was a major blow, as this would have enabled the meme coin to establish a fresh all-time high. However, this did not deter investors from remaining hopeful of recovery and continued rise.

The overall weighted sentiment of WIF holders is currently positive, the first positive instance in nearly two months. The last time WIF investors were optimistic regarding the meme coin was in early April when the altcoin charted an all-time high of $4.85.

WIF Weighted Sentiment. Source: Santiment

The market also supports the potential rise, as is evident in the Average Directional Index (ADX). The Average Directional Index (ADX) measures the strength of a trend on a scale from 0 to 100, with values above 25 indicating a strong trend.

Read More: What Is Dogwifhat (WIF)?

WIF ADX. Source: TradingView

Given that the ADX is above the threshold of 25.0, the uptrend has some strength. This could grow going forward as long as WIF investors don’t opt to sell their holdings.

WIF Price Prediction: Awaiting Recovery

WIF price at $3.49 is still above the 50-day Exponential Moving Average (EMA). This is a crucial support line; a fall below it would hint at a potential price drawdown. But since investors and the market support a rise, WIF could close above the resistance at $3.62.

This close would enable a rise to $4.00 and beyond, and if the meme coin closes above $4.22, it could even form a new ATH.

Read More: Dogwifhat (WIF) Price Prediction 2024/2025/2030

WIF Price Analysis. Source: TradingView

But if the WIF price does not close above $3.62, it could witness a drawdown. This will not only invalidate the bullish thesis but also send the meme coin to $3.1 below the 500-day EMA.

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