Published on augustus 8, 2024, 12:30 am
Image source: Fox News
```json [ "TLDR: WIF, a Solana-based memecoin, surged 13% in a day to reach $1.77 after a recent 63% drop. Despite most cryptocurrencies facing sell-offs, memecoins' total market cap rose by 5.3%. WIF is noted as an attractive altcoin within Solana ecosystem and has seen increased demand for leveraged long positions. Technical analysis suggests WIF's price finding support at $1.50 with potential to challenge resistance levels at $2.13 and $2.34.", "Disclaimer: This article does not offer investment advice; readers are advised to do their research before investing in the volatile cryptocurrency market." ] ```
WIF, a Solana-based memecoin, has seen a significant rebound, surging 13% in just one day and hitting a high of $1.77 on August 6th. This surge comes after WIF experienced a 63% drop from its recent high of $2.89 two weeks ago. Data from Cointelegraph Markets Pro and TradingView indicates that WIF climbed from a low of $1.07 on August 7th to reach an intraday high of $1.77 on August 6th.
Interestingly, while most major cryptocurrencies, including Bitcoin and altcoins, are facing sell-offs, the total memecoin market capitalization has actually risen by 5.3%. Dogwifhat (WIF) has emerged as the top gainer among the top 100 coins by market cap according to Solana news source SolanaFloor.
Despite facing resistance, WIF remains an attractive altcoin within the Solana ecosystem as noted by analyst Kyledoops. Moreover, trader CryptoJack pointed out that WIF’s recent dip below $1.5 was likely a temporary setback as the memecoin quickly recovered back into its trading range.
Technically speaking, WIF’s price is currently finding support at the $1.50 mark with indicators such as the relative strength index showing buyers returning to the market. If buying pressure continues to rise, WIF’s price could potentially challenge resistance levels at the 50-day exponential moving average and the 100-day EMA priced at $2.13 and $2.34 respectively.
Additionally, there has been increased demand for leveraged long positions in WIF in recent days as indicated by perpetual futures funding rate data from Coinglass turning positive after a recent negative trend.
As always, it’s important to note that this article does not provide investment advice or recommendations; all investment decisions involve risk and readers are encouraged to conduct their research before making any financial decisions in the volatile cryptocurrency market space.
Original article posted by Fox News
