Dogwifhat (WIF) Price Just Repeated Its Bullish Bounce – Is Another 8x Spike Coming?

Dogwifhat is back in the spotlight as traders start wondering if its latest bounce could lead to another massive move.

Dogwifhat (WIF) price is showing signs of a potential rebound as it has risen more than 15% in the past 24 hours, trading at $0.6418 at the last check on Friday morning. The token’s trading volume has also soared nearly 50%, which could be attracting the attention of those who remember WIF’s previous rallies.

On X, top analysts Erik and DaniB shared different takes on what could come next. Erik focused on the daily chart and pointed out that WIF just bounced off a key level known as the Smart Money (SM) reversal zone around $0.3175. He also highlighted how the price respected a green support box between $0.49 and $0.52, calling it a must-hold area if the bullish case is to play out.

> "Huge day for $WIF as it tries to break the 7-month EMA.

If the bulls can hold this green box and break the EQH at $0.7979, then the next major Fib level is at $1.414.

Volume has also increased during the breakout, which could indicate that real buying pressure is beginning to build. However, if the price falls back below the green box, then this setup could quickly fall apart."

Erik's post had several comments from traders who shared their own analysis of WIF. One trader noted that WIF is known for its massive spikes, which can occur quickly and unexpectedly.

Another trader pointed out that WIF is currently in a bull market, which is being driven by strong demand for the token. The trader also noted that WIF is a low-cap token, which makes it more volatile than high-cap tokens.

A third trader added that WIF is a good token to trade in a bull market, as it can generate significant returns. However, the trader warned that traders should be careful not to overpay for the token.

WIF price is now up more than 500% for the year, outperforming Bitcoin and other major cryptocurrencies. The token has also attracted attention on social media, where users are discussing the possibility of another 8x move.

If WIF can break through the 7-month EMA and maintain its upward momentum, it could be a token to watch closely in the second half of 2024. However, traders will need to be mindful of the technical levels and shifting market conditions as they make their trading decisions.

A separate perspective was posted by DaniBb, who referenced a historical monthly candle where WIF soared from $0.17 to $4.86 in a single move. The tweet posed the question of whether WIF could replicate that explosive rally, which at the time took the market cap from $800 million to $4.8 billion within 30 days.

The monthly chart shows that WIF is now trading in a consolidation zone between $0.50 and $0.60 after a sharp decline from its all-time high. This same zone acted as the launchpad for the previous rally, leading some traders to speculate on a possible repeat.

Still, the price remains below the 7-month EMA, which sits at $1.02, suggesting that any breakout attempt may face resistance.

Traders are monitoring Dogwifhat key levels amid rising volume

The combination of chart structure and renewed social media interest has placed WIF price back into focus. Holding above the $0.50 range and retesting $0.70 will be key in the short term. A sustained move past $0.80 could encourage momentum traders to reenter, potentially targeting higher zones.

While market participants analyze historical price patterns and current formations, attention remains on whether the conditions that fueled past gains could reappear. With volume and price climbing, WIF continues to be a token watched closely in the current market cycle.

Read Also: How Much XRP You Need to Become a Millionaire After Ripple’s SEC Victory

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As part of a broader market rally, major cryptocurrencies like Bitcoin and Ethereum have hit multi-week highs. Bitcoin price is currently above the $70,000 level, while Ethereum price trades around $5,000. Both cryptocurrencies are showing signs of further gains as traders remain optimistic about the market's recovery.

The post (WIF) Price Just Repeated Its Bullish Bounce – Is Another 8x Spike Coming? appeared first on TokenPulse.

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