Dogwifhat's (CRYPTO: WIF) is up 11% on the day and 48% on the week, but traders think more upside is still to come.
What Happened: Trader Altcoin Sherpa tweeted on Thursday that Dogwifhat's current area is pretty important, but if it breaks $2.50 it will go back within the trading range between 2.40-$3.00. He believes it could go higher as long as Bitcoin 'plays nice,' but acknowledges the difficulty in judging what the levels are in that area.
Another crypto trader highlights retaking the $2.2 level, which is also the key to "hold for further continuation." He further outlined key zones to monitor.
$WIF Retaking the big $2.2 level which is key to hold for further continuation. Looks to be setting up for a nice move back to the range highs. This has been pretty strong regardless of $SOL not moving that much. Eyes on the green zones. pic.twitter.com/oULNc7vDrl
— Daan Crypto Trades (@DaanCrypto) July 18, 2024
Price Action: In the past 24 hours, WIF is up 11%, taking its seven-day gains to 48%. For comparison, Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) are up 10% and 5% over the same timeframe.
Also Read: Is The 'Meme Coin Super Cycle' Over? Trader Outlines Pros And Cons
Why It Matters: These analyses by traders provide crucial insights for investors considering Dogwifhat at a time when the market remains upbeat.
Crypto trader Degengambleh noted that price action until $5 is accumulation and not the cycle top. Another trader marks the strength of Dogwifhat, dubbing it a "relatively strong asset."
He concluded, "Even on the 1hr chart its failed to break below the Trackline."
What's Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
What Is Going On With 'Shiba Inu Killer' Dogwifhat?
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オーストラリアでは、moomooの投資商品及びサービスはMoomoo Securities Australia Limitedによって提供され、オーストラリア証券投資委員会（ASIC）の管理を受けております（AFSL No. 224663）。「金融サービスガイド」、「利用規約」、「プライバシーポリシー」などの詳細は、Moomoo Securities Australia Limitedのウェブサイトhttps://www.moomoo.com/auでご確認いただけます。
