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During its rise, Dogwifhat ($WIF) price made the meme coin the best-performing altcoin, rising by nearly 27% in the past week.
This bullishness is continuing, given that investors are hopeful of a rise in $WIF price.
Dogwifhat Holders Remain Optimistic
$WIF’s price loss of the potential of closing above $4.00 was a major blow, as this would have enabled the meme coin to establish a fresh all-time high. However, this did not deter investors from remaining hopeful of recovery and continued rise.
The overall weighted sentiment of $WIF holders is currently positive, the first positive instance in nearly two months. The last time $WIF investors were optimistic regarding the meme coin was in early April when the altcoin charted an all-time high of $4.85.
The market also supports the potential rise, as is evident in the Average Directional Index (ADX). The Average Directional Index (ADX) measures the strength of a trend on a scale from 0 to 100, with values above 25 indicating a strong trend.
Read More: What Is Dogwifhat ($WIF)?
Given that the ADX is above the threshold of 25.0, the uptrend has some strength. This could grow going forward as long as $WIF investors don’t opt to sell their holdings.
$WIF Price Prediction: Awaiting Recovery
$WIF price at $3.49 is still above the 50-day Exponential Moving Average (EMA). This is a crucial support line; a fall below it would hint at a potential price drawdown. But since investors and the market support a rise, $WIF could close above the resistance at $3.62.
This close would enable a rise to $4.00 and beyond, and if the meme coin closes above $4.22, it could even form a new ATH.
Read More: Dogwifhat ($WIF) Price Prediction 2024/2025/2030
But if the $WIF price does not close above $3.62, it could witness a drawdown. This will not only invalidate the bullish thesis but also send the meme coin to $3.1 below the 500-day EMA.