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Dogwifhat (WIF) Could Reach $5 Sooner Than Expected

2 mins
Updated by Bary Rahma
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In Brief

  • Dogwifhat daily unique trades recovers after reaching a month-low of 32,700.
  • Another indicator has decreased in the last few days, but the uptrend remains strong.
  • A golden cross formed on March 25, and Dogwifhat's price has grown by 64.88%.
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Dogwifhat (WIF) price is witnessing signs of early recovery, sparking curiosity about whether its upward trajectory will persist.

While there has been a slight weakening in the market’s momentum, the overall upward trend remains intact.

Dogwifhat Looks Promising

From a 30-day low on March 23, WIF’s daily unique trades have made a significant leap to 74,500 by April 3, marking a 127.83% increase. Although this recovery is noteworthy, it is essential to recognize that these figures still fall short of the 161,000 peak observed on March 5, highlighting potential growth opportunities.

The stabilization in daily unique trades over the last week, as indicated by the 7-day moving average, suggests increasing market participation consistency.

This is a positive indicator for the Dogwifhat ecosystem. Indeed, high trading volumes and a greater number of unique trades can enhance market liquidity and demand. Consequently, it can foster a virtuous cycle that propels WIF’s price upward.

Unique WIF Trades (Daily) - Last 30 Days.
Unique WIF Trades. Source: Flipside

The Average Directional Index (ADX) has decreased, dropping from 53.38 on April 1 to 28.21, signaling a reduction in trend strength. The ADX measures the strength of a trend without regard to its direction, with readings below 20 indicating a weak trend and those above 50 denoting exceptionally strong trends.

WIF ADX.
WIF ADX. Source: TradingView

Despite the recent decrease, WIF’s current ADX suggests that the uptrend is still significant, while not as robust as before. This indicates that the market might continue its upward movement, offering a stable environment for making investment decisions.

WIF Price Prediction: New Highs

The Golden Cross on March 25 is a bullish indicator for Dogwifhat’s price, potentially heralding a long-term uptrend. This event occurs when a short-term EMA crosses above a long-term EMA, signaling a shift from bearish to bullish market sentiment.

WIF has experienced a meteoric rise of more than 2,000% this year, becoming Solana’s largest meme coin by a wide margin and even surpassing Arbitrum in market capitalization. However, a recent convergence of the EMA lines suggests a potential trend change or consolidation period, indicating the market might be gearing up for further upward movement.

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

WIF 4H Price Chart and EMA Lines.
WIF Price Chart. Source: TradingView

Should the uptrend continue, Dogwifhat could surpass its all-time high of $4.82 and aim for the $5 mark, setting new records and underscoring the strong bullish sentiment in the market.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Tiago Amaral
Marketing professional turned coder, passionate about code, data, crypto, and writing. I hold a Marketing and Advertising degree and a Disruptive Strategy certification from Harvard Business School. I love querying blockchain data and discovering insights hidden in data.
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