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The Dogwifhat price surged over 19% in the last 24 hours to trade at $4.20 as of 6:40 a.m. EST after it lost ground last week.
WIF’s latest gain has pushed its monthly performance deeper into the green. As a result, the meme coin is up more than 100% over the past 30 days, and it’s the top gainer in the past 24 hours among the biggest 100 cryptos by market capitalization.
The Dogwifhat Price Is Trying To Break Above A Major Resistance Level
4-hour chart for WIF/USDT (Source: TradingView)
The Dogwifhat price broke out of a medium-term negative price channel in the last few days. Since then, the meme coin entered a new positive trend and has printed a series of higher highs and higher lows. This newfound bullish momentum has pushed the altcoin above the major resistance at $4.0071.
WIF is now attempting to establish a position above this key price point. Should the meme coin close a 4-hour candle higher than $4.0071 within the next 12 hours, the Dogwifhat price could have the foundation needed to keep rising in the following couple of days.
Traders might identify a sustained close above this barrier as a long entry, potentially leading to the Dogwifhat price rising to $4.5891. Continued buy pressure should the meme coin reach this mark could push WIF to above $4.5891, clearing the way for the meme coin to establish a new all-time high in the short term.
On the other hand, WIF failing to close a 4-hour candle above $4.0071 within the next 12 hours might invalidate the bullish thesis. In this alternative scenario, the Dogwifhat price could be at risk of falling out below the positive price channel it formed in the last 48 hours.
Thereafter, the meme coin might retest the $3.4911 support. If sellers persist, WIF could fall below this safety net to the subsequent mark at $2.7493 in the following 24-48 hours. An extremely bearish scenario might see the Dogwifhat price drop to $2.1382 in the short term.
Technicals Point To A Continued Increase For The Dogwifhat Price
Technical indicators on WIF’s 4-hour chart suggest the Dogwifhat price might keep climbing in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bullish.
The MACD line is positioned bullishly above the MACD Signal line on the 4-hour chart, which indicates that WIF is in a short-term positive trend. Buyers also show no signs of slowing down, which is evident by the MACD line breaking away above the MACD Signal line. Bulls currently have an upper hand against sellers as well, which is signaled by the RSI line, which is positioned above its Simple Moving Average (SMA) line.
As traders look to push the Dogwifhat price higher in the coming days, many investors are flocking to Solana meme coin competitor Smog (SMOG). That follows its listing on MEXC last week and the launch of its massive airdrop’s second season on Apr. 4.
The developer has also hinted at another imminent listing on a top-tier exchange.
The Potential To Explode After Its First Major Listing
Dragon-themed Smog burst onto the scene after capitalizing on the investor frenzy surrounding SOL meme coins. Its price surged shortly after launch as the crypto community geared up for “the greatest airdrop of all time.”
One #Memecoin to rule them all! 🚀
Get ready for the greatest #Airdrop in history, distributed on #Solana. 💰
Join #SMOG on Zealy! 🔥
Link in Bio 🔗 pic.twitter.com/vsn4p5cSF4
— SMOG (@SMOGToken) February 8, 2024
About $1 million in tokens has already been distributed to investors, and the project’s team have kicked off the second season with a bang – announcing the crypto’s first major exchange listing.
Traders and investors are now able to interact with the meme coin on MEXC, the eleventh biggest exchange in terms of daily trading volume.
By making its way onto the platform, the token has been opened up to a much larger pool of investors. This could unlock a tsunami of buying activity in the coming weeks, especially after the team announced that rewards for the airdrop’s second season will be based mainly on on-chain and trading activity.
As investors look to grow their XP during this new season, they might engage in a lot of trading activity, which could subsequently push the altcoin’s price to unprecedented heights.
SMOG Backed By A Rapidly-Growing Community
SMOG’s community has experienced meteoric growth, with more than 138K members across all of the project’s platforms. The meme coin also boasts over 118K holders, which have all played a part in SMOG reaching a market cap over $124 million.
Anyone that wants to join this expanding community can do so by either completing quests in SMOG’s Zealy campaign, trading the token on MEXC, or by buying the meme coin on its website using either ETH, USDT or bank card.
To further incentivize investors buyers at this early stage, the SMOG team is offering anyone who stakes their tokens an APY of 42%.
SMOG can be purchased at a 10% discount on the official website here.
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