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Dogwifhat price rose 8% in the last 24 hours to trade at $0.353 at 5 a.m. EST, even as trading volume fell 42%.
WIF has seen strong volatility on a 24-hour chart, but also over the past week. His rise today was helped by his list on Bitget
And now the Solana-based token has even attracted the attention of Arthur Hayes, co-founder and former CEO of BitMEX, who sees bitcoin falling between $30,000 and $35,000.
“Once bitcoin drops below $35,000, I will start bottom fishing,” he said in his latest blog post titled “Yellen or speaking.” “I will load Solana and Dogwifhat ($WIF).”
“Shout or talk?” It's an essay about why I think $btc The drop points to a mini financial crisis for TradFi, and it will bottom out in the $30,000 to $35,000 range.https://t.co/uwiLscKwzW pic.twitter.com/zRpUcE6TIz
—Arthur Hayes (@CryptoHayes) January 23, 2024
Dogwifhat Price Forecast
Dogwifhat price experienced a rather volatile period over the past 24 hours, with its price constantly bouncing up and down between a support at $0.330 and a resistance at $0.355.
Going forward, experts believe that the token will be able to break the resistance and re-reach the highs previously seen in mid-January, when it rose to $0.45.
However, this is not a certainty, and although Arthur Hayes appears to be openly and strongly bullish on the token, his technical indicators are not giving bullish signals at the moment.
If we look at the Bollinger bands in the chart below, we can see that they narrowed quite quickly, especially after the widening seen yesterday, January 24th. Narrow bands are a bearish signal, so traders may want to wait before buying as the price could suffer another drop soon.
However, the token's Relative Strength Index (RSI) score shows a level of 63.92, indicating that the RSI is leaving the neutral zone and returning to the oversold territory, which is also a sign that the price could fall soon.
There is still some room for growth, but when combined with other indicators, it shows that Dogwifhat is in a position of uncertainty.
It is possible that the token manages to recover to $0.40, only to be rejected again, similar to what happened on January 20.
If this ends up being the case, the token could drop to $0.20 once again and then recover, especially if bitcoin starts to fall at that point and traders start paying more attention to promising altcoins.
Promising Alternatives to Dogwifhat
While Arthur Hayes' belief in Dogwifhat gives the token a strong air of legitimacy, this is not the only meme coin that bargain hunters are eyeing in the current market.
Another project called Meme Kombat (MK), which is currently in pre-sale, has already won over many meme fans with its unique platform designed for gaming enthusiasts.
The platform hosts regular meme battles, allowing community members to bet on them and earn money in the form of MK tokens.
If you like staking, Meme Kombat also allows you to engage in passive staking and earn income by supporting the project by locking up your tokens for a certain period of time.
The platform was designed to reward all its users, and the community really liked its design and concepts, which can be seen from the fact that its pre-sale has already raised $7.42 million.
We have surpassed the 7.4 million dollar mark in the $MK pre-sale
One step closer to finishing this pic.twitter.com/QdKOPIjv5G
—Meme Kombat (@Meme_Kombat) January 25, 2024
The token, MK, sells for just $0.279, so anyone can afford a good amount. It can easily be purchased in exchange for eth or USDT and from there it is your choice to stake it or use it in betting. But time is running out as he nears his $8 million goal.
Participate in the pre-sale here.
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