23 Apr

Dogwifhat, a memecoin centered in Solana, may take some time to reach $5. No other memecoin in the top 50 has surpassed the token during the last three months.

However, a check at the volatility indicated that WIF might not, at least not in the near future, encounter the enormous swings it did ninety days ago. Santiment said that WIF's one-day volatility had decreased to 0.014.

Recent history demonstrated that the token always rises as the metric peaks. The same circumstances applied when dogwifhat reached its highest point of $4.84.

The way to $5 is still unclear

WIF's price was $2.95 at the time of publication, but several forecasts suggested that it may quickly rise to $5.

Reduced volatility, however, would impede the anticipated parabolic rise, making a run to the stated value unlikely before April closes.

However, what are the anticipated goals for WIF over that time frame? This is where the market's technical side becomes relevant.

The WIF/USD daily chart indicated that the Supertrend displayed a buy signal at $2.31. This suggested that the price may fall to that amount. However, that would rely on the level of selling pressure, which was minimal at the time of publication.

A drop to $2.31 might be the catalyst for an increase. WIF might not rise over $4.39, though, if it bounces and moves higher, given that the indicator flashed a sell signal at that particular moment.

This prediction was further supported by the Awesome Oscillator (AO). The AO was negative as of this writing, but it had green bars, indicating that the downward momentum would soon be ending.

Notwithstanding the encouraging indication, WIF may increase to $5 in the next days. As long as the AO remains in the negative zone, this might be the case. Similarly, the Elder Force Index (EFI) stagnated, indicating a lack of buying pressure.

Will the attitude shift?

Based on the Long/Short ratio, it appeared that traders were acclimating to this reality in the meantime. An summary of investor expectations is provided by this statistic.

Values higher than one suggest that the majority of traders anticipate a rise in bitcoin prices. Conversely, a number of less than one indicates a dominance of short holdings.

According to Coinglass, the Long/Short ratio for WIF was 0.99, meaning that, on average, people were pessimistic. But, the mood may shift and more traders might decide to take a long position if WIF's price reaches $3.

The token's price may fluctuate from $2.31 to little over $4 in the interim.

The token's value may eventually be worth more than $5. That would only occur, though, if memecoins' hegemony reappeared as it did in March.

April 2024, Cryptoniteuae

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