]

Memecoins are back? Dogwifhat price rallies 46% in September

2 weeks ago

Dogwifhat (WIF) has risen 10% successful nan past 24 hours, reaching a precocious of $2.20. Its marketplace headdress has rebounded comprehensively supra $2 cardinal for nan first clip successful 7 weeks.

WIF flipped a cardinal guidance connected Sept. 24 aft nan token rallied supra $1.96. Price action is gaining bullish traction astatine nan infinitesimal arsenic nan memecoin targets nan adjacent guidance astatine $2.85.

Dogwifhat leads memecoin rally but holder maturation slows

The memecoin marketplace headdress is presently up by 6.8% successful nan past 24 hours, crossing supra $51 cardinal and reclaiming pre-August clang levels. Data from CoinGecko highlights that Dogwifhat remains nan fourth-largest memecoin successful nan industry.

While OG meme tokens for illustration Dogecoin and Shiba Inu stay connected apical successful position of marketplace cap, it was observed that Solana-based memecoins dominated nan 30-day return pinch POPCAT, WIF demonstrating 52.9% and 24.2% monthly return connected finance (ROI) respectively.

Yet, contempt being 1 of nan apical performers, WIF has not witnessed an influx of caller holders successful nan market.

Related: Why is Dogecoin value up today?

The latest data from holderscan.com indicates that only 2,322 caller WIF holders, i.e. 1.29%, person been added complete nan past 7 days. The full number of holders remains astatine 182,877, but nan apical 50 holders correspond almost 54.84% of nan supply.

A slow holder inclination for WIF infers that nan futures marketplace is perchance driving nan existent rally. As reported by Cointelegraph, unfastened liking witnessed a 30% spike to $233 cardinal astatine the beginning of nan week, erstwhile WIF breached nan $2 range.

Will renewed WIF euphoria push nan value to $3?

WIF’s existent value rally shows similarities to nan memecoin euphoria from early 2024. Q1 rally was powerfully represented by WIF 8,000% ROI successful little than 3 months, which led to nan emergence of different memecoins specified arsenic POPCAT, BRETT, MEW, etc.

Now, a akin sentiment is brewing arsenic respective analysts are flipping bullish. Henrik Zeberg, Head Macro Economist astatine Swissblock, indicates that WIF is presently “breaking retired of a agelong ABCDE-consolidation” and presents parabolic value targets by Nov. 11, 2024.

The floor plan beneath illustrates a whopping $80 scope successful nan adjacent six weeks, which is simply a 3526% summation from nan existent price.

Another independent trader, Dentoshi, mentions nan contiguous value target for WIF astatine a guidance of $3.

In an X post, nan trader explains that WIF has completed a heavy retrace from nan 0.618-0.707 Fibonacci retracement lines. While nan aureate zone, aliases reversal range, lies betwixt 0.5 and 0.618, Dentoshi position this area nan “golden pouch hold.”

The trader highlights that a move supra from nan aureate pouch indicates a inclination reversal, considering nan erstwhile apical astatine $4.83 is not nan inclination high. After crossing $2, Dentoshi states,

“Oh, hullo there, nonstop it to $3 (and higher).”

Meanwhile, connected nan one-day chart, WIF has a mates of bullish confirmations. The value collapsed supra a falling wedge shape and closed beardown supra cardinal guidance astatine $1.95. As illustrated below, nan guidance astatine $1.95 besides coincides pinch nan 0.618 level, which tin enactment arsenic a constituent of support going forward.

The contiguous value target for WIF presently lies astatine $2.85-$3.00, pinch a cardinal reclaim coming astatine $2.45-$2.50. At this point, WIF whitethorn look a beardown pullback into support of $2 aliases proceed to retest $3 successful nan adjacent fewer days.

This article does not incorporate finance proposal aliases recommendations. Every finance and trading move involves risk, and readers should behaviour their ain investigation erstwhile making a decision.

Source CoinTelegraph