dogwifhat price prediction: Is $5 still on the cards for WIF?

• dogwifhat has taken a plaything astatine the apical memecoin marketplace capitalization.
• WIF was trading with an implicit 16% terms increase.

dogwifhat [WIF] precocious joined the set of canine-themed memecoins, adding a caller position to the landscape. Despite its precocious arrival, information indicates that it has swiftly integrated and is already vying for a starring presumption successful the memecoin category.

However, contempt its notable terms advancements, the wide sentiment surrounding the token has yet to drawback up fully. Here’s a look astatine dogwifhat’s terms prediction.

dogwifhat jumps into 3rd position

According to information from CoinMarketCap, dogwifhat is presently ranked 3rd among memecoins successful presumption of the largest marketplace capitalization. At the clip of this writing, its marketplace headdress was implicit $3.4 billion.

The lone 2 memecoins ranking supra it are Dogecoin [DOGE], with a marketplace headdress exceeding $23.5 billion, and Shiba Inu [SHIB], with a marketplace headdress of implicit $16 billion. Notably, WIF ranks higher than different fashionable memecoins specified arsenic Pepe, Bonk, and Floki.

Dogwifhat pushes much regular and play increase

Analysis of CoinMarketCap besides revealed absorbing information astir dogwifhat’s caller performance. At the clip of writing, dogwifhat boasted the highest 24-hour and seven-day terms increases among the apical 3 memecoins.

In the past 24 hours, its terms surged by implicit 24%, portion implicit the past 7 days, it witnessed a singular maturation of implicit 40%.

Comparatively, Dogecoin, contempt having the highest marketplace capitalization, experienced a humble summation of implicit 3% successful the past 24 hours and implicit 6% successful the past 7 days.

Similarly, Shiba Inu saw an summation of implicit 3% successful the past 24 hours and astir 25% successful the past 7 days.

WIF sees a terms increase

AMBCrypto’s investigation of the regular timeframe terms illustration sheds airy connected wherefore dogwifhat has experienced important maturation successful the past 7 days.

Examination of the illustration reveals a bid of affirmative terms runs implicit this period, with the astir notable surge occurring connected 24th April. At the clip of writing, dogwifhat was trading with an awesome summation of implicit 16%, reaching astir $3.5.

However, astatine the extremity of the trading session, it had dropped. It concluded 24th April with a 2.86% summation and traded astatine astir $3.10.

Despite the important terms increase, a glimpse astatine its Relative Strength Index (RSI) indicates that Dogwifhat is inactive successful a anemic bull trend. The RSI, presently beneath 60, suggests a bullish trend, albeit not a peculiarly beardown one.

Volume increases by astir 100%

Additionally, an investigation of its measurement inclination connected Santiment reveals that its measurement astir doubled compared to the erstwhile trading session, surpassing $800 cardinal astatine the clip of writing, up from astir $433 cardinal successful the anterior session.

This convergence successful terms and measurement movements indicates that Dogwifhat is presently experiencing a affirmative terms run.

Furthermore, a person introspection of the measurement connected CoinMarketCap shows that it has surged by implicit 87% successful the past 24 hours. Concurrently, the marketplace capitalization of dogwifhat has besides grown by implicit 18% astatine the clip of writing.

dogwifhat yet to spark a significant  affirmative sentiment 

Analysis of the derivative broadside of dogwifhat connected Coinglass indicates that affirmative sentiments person cooled disconnected successful the past fewer weeks. However, astatine the clip of writing, a flimsy summation was observed successful its backing rate.

The backing complaint roseate marginally to 0.03%, up from 0.01% connected 23rd April. Although the backing complaint illustration suggests reduced trader participation, long-position traders seemed to predominate the trades.

Further investigation of the Open Interest illustration confirmed the diminution successful trader activities, with the illustration showing a astir level trend. As of 24th April, the Open Interest was astir $309 million.

The aboriginal is inactive astatine large

A caller Bloomberg study highlighted that immoderate Hedge Funds had shown involvement successful dogwifhat and person opened portfolios dedicated to the memecoin. This marks a notable lawsuit of organization information successful the memecoin space.

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Given the existent terms trend, an uptick successful sentiment connected the derivative beforehand could propel the terms of WIF adjacent higher.

However, the sustainability of its existent momentum remains to beryllium determined. It volition beryllium absorbing to observe whether WIF tin support its upward trajectory oregon if it volition taper disconnected successful the coming months.