NOIDA (CoinChapter.com) — The Dogwifhat (WIF) token is a dog-themed memecoin inspired by Dogecoin, a Shiba Inu wearing a knit beanie. We had a very optimistic 2024, with the token price rebounding to a new ATH on March 6th.
WIF’s price action in 2024 saw the token rise over 1,410% YTD, reaching daily highs near $2.27 on March 6, setting a new ATH for Dogwifhat.
Bitcoin’s rally in 2024, fueled by growing demand for spot Bitcoin ETFs, has made general cryptocurrency market sentiment more optimistic, allowing peripheral tokens like WIF to record massive gains.
Traders missing out on booking profits through other tokens have sparked demand to boost their returns by investing in small-cap cryptocurrency assets such as memecoins. But is now the right time to buy WIF tokens?
WIF is gearing up for major revisions.
Short answer: No.
WIF prices have been strong since January 2024, hitting record highs. As a result, the price action of the token is ‘Ascending channels.‘
Traders consider a pattern of rising parallel trend lines connecting higher highs and higher lows to be bullish, indicating bullish market sentiment. However, WIF price is testing the upper trendline resistance of the pattern.
Due to the reversal of the upper trend line, WIF price is likely to fall below the 0.618 Fibonacci support around $1.55. Moreover, a violation of the immediate support could push the Dogwifhat token price up towards the 0.786 Fibonacci support line.
A decline may lead WIF to test channel support near $0.56. If the token falls to the channel’s support level, the WIF price will lose more than 70% of its value.
On the other hand, if WIF price continues to rise, the token may break out of the rising channel and target resistance near $2.3. Overturning the immediate resistance may help WIF draw a new ATH near the supply wall around the $2.73 price area.
The Relative Strength Index (RSI) remains overbought for WIF, hitting 85.08 on the daily chart.
What is Dogwifehat Token?
Dogwifhat Token is a new cryptocurrency project with no goals, objectives, or use cases. The project developers took a Shiba Inu (the non-token dog), clicked or downloaded a photo, and then dropped a hat on the dog’s head.
eight! A new cryptocurrency project.
It may sound satirical, but this is how the project itself is defined.brother! It’s literally a dog wearing a hat.“
Additionally, CoinMarketCap reports that Dogwifhat has a total circulating supply of 999 million tokens, but the project has no defined tokenomics.