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The Dogwifhat price jumped 25% in the last 24 hours to trade at $2.79 as of 4 a.m. EST on trading volume that skyrocketed 61% to $474.87 million.
WIF price’s surge comes after a week-long correction that took the token down to a support at $2. The price spent the last seven days balancing just above this level, fluctuating between this support and a resistance at $2.5.
However, with the start of the new week, Bitcoin and the rest of the market started a recovery. With the market once again trading in the green, the meme coin sector once again positioned itself among the top gainers. Right now, WIF is struggling against a resistance at $2.8, with $3 being just beyond reach.
Another potential reason behind WIF’s recent price surge might be a multi-million dollar NFT sale that took place last week. On March 18, the NFT-based photo of the viral canine behind Dogwifhat, Achi, sold at 1,210.8 ETH, or around $4.3 million at the time.
The Dogwifhat price saw a surge immediately after that, which was quickly suffocated by the bearish wave that had taken over the market.
Dogwifhat Price Prognosis
While Dogwifhat attracted the attention of the market with its recent 25% surge, it had hit a resistance at $2.8, which prevented it from moving forward over the last several hours. Now, traders interested in this cryptocurrency are looking at technical indicators to try and determine whether WIF has a chance of breaching this level and continuing its surge.
The token’s Relative Strength Index (RSI) value currently sits at 57.35, quickly closing in on the neutral value of 50, after recently entering the overbought zone. During the price surge that took WIF to its current height, the RSI value climbed up nearly to 90, signaling to many traders that it was time to take profit and start selling.
While many of them did just that, the price has not crashed as of yet, which is a positive sign, even though the failing RSI value usually suggests that the price is about to do the same.
Another bearish signal for the Dogwifhat price comes from the token’s Bollinger bands, which have seen severe narrowing in the last few hours. This also typically happens when traders start to sell, and the buy pressure weakens significantly. But, as mentioned, the price currently still remains just under the resistance at $2.8.
Signals such as these suggest that a correction is likely to come unless the situation turns around once again, and the buy pressure increases. Alternatively, WIF could simply stay where it is for the time being, refusing to drop, but without enough strength to push through the resistance.
Things could take a turn for the better if the wider crypto market sees another bullish wave, in which case the WIF token would find the necessary strength and support to surge as part of the collective, rather than on an individual basis.
Promising Alternative to Dogwifhat
The most promising alternative to Dogwifhat right now is actually believed to be another Solana-based meme coin called Smog (SMOG).
Inspired by dragons, the token intends to make full use of the fact that 2024 is the Year of the Dragon, and attract buyers who view this most powerful of mythical creatures as a sign of luck and prosperity.
More than that, Smog also allows its users to buy its token at a 10% discount to the market price, which is a temporary offer that will soon end.
🐉 Soar
🔥 Burn
👑 Rule— SMOG (@SMOGToken) March 5, 2024
As a result, many have rushed to purchase the token, which can be done in exchange for ETH, USDT or a bank card.
The token also allows users to earn rewards from staking, and currently offers an annual return of 42%.
One of Smog’s biggest attractions though is the promise of ”the greatest airdrop in history.”
Season 1 of the airdrop is to end on April 3 with giveaways during the period estimated at $1 million, after which Season 2 gets underway immediately.
Get involved right away for the chance to receive free tokens. Visit the SMOG presale here.
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