With the continued frenzy surrounding meme cryptocurrencies, Dogwifhat (WIF) has emerged as a strong performer, posting gains of 2600% over the past month alone.
The upward trajectory of Dogwifhat (WIF) shows no signs of slowing down, as it recently reached an all-time high of $4.52. This surge has propelled Dogwifhat to become the third-largest meme coin, outpacing one of its major competitors, BONK, in recent price increases. The initial catalyst for WIF’s price surge came at the end of February when it was trading at $0.30. Since then, there has been no looking back as the price has skyrocketed by an astounding 2600%.
The growth of WIF so far this year surpasses that of other popular meme cryptocurrencies like FLOKI, which grew by 558%, and PEPE, which saw an increase of 455%.
With a remarkable 100% gain in the past week alone, Dogwifhat (WIF) has surpassed PEPE to become the third-largest cryptocurrency. Its next target is to surpass Shiba Inu (SHIB), although this is a daunting task given that SHIB’s volume is five times that of WIF.
Will the price of WIF continue to rise?
Amidst the astonishing surge in WIF’s price over the past week, the Relative Strength Index (RSI) over the last 7 days has also risen into the overbought territory between 70 and 100, currently sitting at around 85. The RSI measures the momentum of prices on a scale from 0 to 100.
A reading above 70 indicates that the asset may be in the overbought territory and may be overvalued, suggesting a potential imminent pullback. Conversely, an RSI below 30 suggests that the asset is undervalued, indicating a potential rebound in the near future.
Despite this surge, the RSI for WIF has slightly decreased from 86 to 85. This slight decrease in WIF’s RSI during the period of price increase indicates that while the price is rising, the momentum driving its ascent is not excessively overheated, suggesting the possibility of further growth without immediate concerns of overvaluation.
This trend is particularly encouraging for WIF’s price trajectory, especially considering that the last occurrence of a daily decrease in WIF’s RSI over a 7-day period preceded a significant price increase of over 100% in the following two weeks, hinting at the possibility of a similar outcome occurring again.
Some market analysts expect the price of WIF to continue rising to $5. However, investors should exercise caution, as a potential downward trend could lead to a decline in WIF to $2.12. This underscores the importance of monitoring market signals and adjusting strategies accordingly.
