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The Dogwifhat price surged 8% in the last 24 hours to trade at $0.353 as of 5 a.m. EST even as trading volume plunged 42%.
WIF has seen strong volatility on a 24-hour chart, but also in the past week. Its climb today was helped by its listing on Bitget
And now the Solana-based token has even attracted the attention of Arthur Hayes, the co-founder and former CEO of BitMEX, who sees Bitcoin plunging to as between $30k and $35k.
“Once Bitcoin drops below $35,000, I will start bottom fishing,” he said in his latest blog post entitled “Yellen or Talking.” “I will load up on Solana and Dogwifhat ($WIF).”
"Yellen or Talkin'?" is an essay on why I think the $BTC slump is pointing to a TradFi mini-financial crisis, and it will bottom in the $30k to $35k range.https://t.co/uwiLscKwzW pic.twitter.com/zRpUcE6TIz
— Arthur Hayes (@CryptoHayes) January 23, 2024
Dogwifhat Price Prognosis
Dogwifhat price saw quite a volatile period in the last 24 hours, with its price constantly bouncing up and down between a support at $0.330 and a resistance at $0.355.
Moving forward, experts believe that the token will be able to break the resistance and move back up to the heights previously seen in mid-January, when it climbed up to $0.45.
However, this is not a certainty, and while Arthur Hayes seems to be openly and strongly bullish on the token, its technical indicators are not giving away bullish signals at this time.
Looking at the Bollinger bands on the chart below, we can see that they got rather narrow very quickly, especially after the widening seen yesterday, on January 24. Narrow bands are a bearish signal, so traders might want to wait before buying, as the price could see another drop soon.
However, the token’s Relative Strength Index (RSI) score shows a level of 63.92, which signals that the RSI is leaving the neutral zone and heading back up into the oversold territory, which is also a signal that the price might drop shortly.
There is still some room for growth, but when combined with other indicators, it shows that Dogwifhat is in a position of uncertainty.
It is possible that the token will manage to recover to $0.40, only to get rejected again, similarly to what happened on January 20.
If this ends up being the case, the token could drop toward $0.20 once again, and then bounce back up, especially if Bitcoin starts to dip at the time, and traders start paying greater attention to promising altcoins.
Promising Alternatives to Dogwifhat
While Arthur Hayes’ belief in Dogwifhat gives the token a strong air of legitimacy, this is not the only meme coin that opportunity seekers are eyeing in the current market.
Another project called Meme Kombat (MK), which is currently in presale, has already conquered many meme fans with its unique platform designed for gaming enthusiasts.
The platform sets up regular meme battles, allowing community members to bet on them and win money in the form of MK tokens.
If you are into betting, Meme Kombat also allows you to engage in passive staking, and earn income by supporting the project via locking up your tokens for a certain period of time.
The platform was designed to reward all of its users, and the community really liked its design and concepts, which can be seen from the fact that its presale has already raised $7.42 million.
We have surpassed the $7.4 million mark in the $MK presale🥊
One step closer to finishing this up⚔️ pic.twitter.com/QdKOPIjv5G
— Meme Kombat (@Meme_Kombat) January 25, 2024
The token, MK, is selling for only $0.279, so anyone can afford a good amount of it. It can easily be acquired in exchange for ETH or USDT, and from there on, it is your choice whether to stake it or use it in bets. But time is running out as it closes on its target of $8 million.
Participate in the presale here.
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