dogwifhat (WIF) maintains its position as Solana’s largest memecoin, surpassing PEPE’s market cap. However, it still lags behind DOGE and SHIB. An increase in its value has been noted recently. At the same time, the 7-day RSI value has decreased slightly. This combination suggests there is a chance for further price increases.
Additionally, the EMA lines show a consistent uptrend. This trend points to a positive future. It means that the price of WIF may soon surpass the $4.7 level.
Despite Its Growth, WIF Still Lacks Other Meme Coins
WIF holds a leading position in the Solana blockchain ecosystem and has proven itself by more than doubling the market cap of its closest competitor, BONK.
The Meme coin has seen a phenomenal increase of more than 2,000% in 2024 alone, rising from a modest $0.17 on January 1 to a staggering $3.75 on March 29. WIF’s total growth this year is an increase of 558% FLOKI and is up 455%, outpacing the growth of other popular meme coins like PEPE.
Having recorded a staggering growth of 66.22% in the last seven days, WIF overtook PEPE and became the third largest by market capitalization. meme coin happened. Despite this tremendous success, WIF market capitalization remains five times smaller than SHIB.
The growing and dynamic Solana memecoin ecosystem indicates that WIF’s price may rise even higher.
Despite Growth, WIF RSI Still Shows Potential
The price of WIF increased between March 28 and March 29. However, the 7-day Relative Strength Index (RSI) experienced a slight decline, falling from 86 to 85.
RSI measures price momentum on a scale of 0 to 100. An RSI value above 70 indicates that it is overbought and a potentially overvalued asset may be pulling back. An RSI below 30 indicates an undervalued asset that is poised for a recovery.
The slight decline in WIF’s RSI amid the price rise suggests that while the price is rising, the momentum behind its rise is not overheating, leaving room for further growth without concerns of sudden overvaluation.
This is particularly bullish for WIF’s price outlook, especially considering that following the recent daily decline in WIF’s 7-day RSI, there was a significant increase in its price of over 100% in the following two weeks, with a repeat outperformance potential. pointing out.
WIF Price Forecast: Could It Pass $4.70 in April?
Analysis of the WIF 4-hour price chart reveals an encouraging sign for traders: all Exponential Moving Average (EMA) lines are positioned below the current price line, the short-term lines are above the long-term lines and there is a noticeable gap between them.
This configuration is typically considered bullish and indicates strong current momentum and a healthy upward trend. EMAs are a moving average that gives more weight and importance to the most recent data points, making them more sensitive to new information and price changes than simple moving averages. This sensitivity to recent price movements helps traders determine the trend direction more quickly and accurately.
The EMA lines, with the short term above the long term and all positioned below the price, indicate that WIF is in a strong uptrend. This shows that growth can continue. Considering the date on which the RSI decline triggered a price increase of over 100% in two weeks, WIF could target $4.70 if the trends continue.
However, caution is advised. A potential downtrend could cause WIF to drop as low as $2.12. This highlights the need to monitor market signals and adjust strategies as necessary.
