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The Dogwifhat price soared 19% in the last week, despite plunging 14% in the past 24 hours, to trade at $1.1540 as of 11:58 p.m. EST on trading volume that surged 26% to $1.2 billion.
Dogwifhat Price Poised For A Sustained Bullish Trend
The WIF price chart shows a recent bullish turnaround following a sustained downtrend from its peak near $4.85.
After hitting the bottom around $0.31 in early April, the Dogwifhat price formed a rounding bottom, a typical reversal pattern suggesting a gradual shift from bearish to bullish sentiment.
The current structure shows a strong breakout between $0.50 and $0.80 from the accumulation zone, pushing above key Fibonacci retracement levels. The recent rally from $0.48 to over $1.15 represents a 70.85% gain in just a few days, signaling strong bullish momentum.
The horizontal resistance area around $1.33 marks the 0% Fibonacci retracement level, where the price of Dogwifhat previously consolidated before a significant move. This level now becomes the immediate short-term resistance.
Meanwhile, WIF has convincingly broken above the 50-day Simple Moving Average (SMA), currently at $0.6093, confirming bullish sentiment in the short term. However, the 200-day SMA, at $1.8472, still looms overhead and could act as dynamic resistance if the rally extends.
The Relative Strength Index (RSI) stands at 66.18, nearing the overbought zone above 70. While not yet overbought, it indicates increased buying pressure.
Moreover, the Moving Average Convergence Divergence (MACD) is bullish, with the blue MACD line crossing above the orange signal line, representing a bullish crossover.
WIF/USD Chart Analysis (Tradingview)
WIF Price Prediction
According to the WIF/USD chart analysis on the 2-day timeframe, the breakout through the 0.618 level ($0.82) is significant and implies a high probability of retesting higher Fibonacci levels.
Given the confirmed breakout from accumulation, favorable moving average alignment, and supportive momentum indicators, WIF appears poised for further upside. If the momentum holds, the Dogwifhat price could target the $1.96 zone (-0.618 Fib level) in the near term, a70% surge from the current level.
Increased bullish trend could push the WIF price towards a longer-term move to the $3.66 resistance area, a 213.86% increase from the breakout base.
Conversely, if the bears take charge, the price of WIF could plunge back to the support zone around the 0.5 Fib level at $0.8210.
Meanwhile, investors are flocking to a new Solana project called Solaxy (SOLX), which has just announced that its parabolic presale will end in a little more than 23 days.
Popular YouTube channel 99Bitcoins, with over 723K subscribers, says the crypto has the potential to soar 10X post-launch.
Solaxy Presale Races Toward $40 Million – Last Chance To Buy
Solaxy has already raised $39.8 million in its presale, boosted by a $3 million investment in the last week alone.
As the first-ever Layer 2 built on Solana, Solaxy aims to redefine what Solana’s blockchain can achieve.
Solaxy is on a mission to tackle Solana’s persistent network congestion issues by mirroring the success of Ethereum’s layer-2 solutions such as Arbitrum and Optimism.
The project will process transactions off-chain and settle them on Solana’s mainnet, thereby enabling faster transactions and lowering fees. It will also address pain points exposed during Solana’s meme coin frenzies, which have often strained the network.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
The project’s cross-chain bridge, which will connect Solana with Ethereum, will enable seamless asset transfers, boost liquidity, and expand use cases for decentralized finance (DeFi), NFTs, and gaming.
Solaxy launched its Testnet Bridge about a week ago and connected it with the Solana Devnet. This step brought the project closer to full blockchain compatibility. Users can now send native SOL through the testnet bridge with fast and safe results.
The presale’s success is also being fueled by Solaxy’s compelling staking program, which offers an annual percentage yield (APY) of up to 101%. Over 11.3 billion SOLX tokens are already staked, reflecting strong community trust and reducing potential selling pressure at launch.
Priced at $0.001734 per token, investors can join the presale using BNB, ETH, USDT, or a bank card. Buy on the official Solaxy website before the presale ends in just 23 days.
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