Today, DogWifHat (WIF) continues to trade within a multi-week range, reflecting the broader cryptocurrency market’s lack of clear direction. As of 11:05 UTC, WIF is trading at $2.45, down by 3.40%. Trading volumes are also down, standing at $342.27 million, a decline of 36% for the day.
Despite the current inactivity for long-term trades, DogWifHat presents attractive opportunities for short-term traders, particularly scalpers.
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V-Shaped Recovery Offers Opportunities For Buyers
DogWifHat shows notable volatility from the hourly charts, which is ideal for those looking to profit from quick trades. The 1-hour chart reveals a V-shaped recovery pattern that could persist throughout the day.
Source: TradingView
After hitting a low of $2.357 following a sustained correction yesterday, DogWifHat has rebounded strongly. Bulls face resistance at $2.46, but the increasing buying volumes suggest this resistance will likely be broken within the day.
If this occurs, WIF could rally to a high of $2.81 in a few hours, offering traders the potential to net gains of 14% or more. Such returns are significant on a day when the broader cryptocurrency market is mostly down, with some altcoins experiencing double-digit declines.
A Correction Could Net Short Sellers 19% Today
In addition to potential gains on the upside, there are also opportunities for scalpers and day traders to profit from downward movements. If WIF fails to maintain its upward momentum and breaks the $2.38 support on the 1-hour chart, it could drop to the psychological support level of $2.00. This presents a potential for gains of 19% or more on the downside.
Overall, the volatility displayed by DogWifHat on the hourly charts offers traders the chance to profit as they wait for the broader market to establish a clear direction for longer-term trades.
DogWifHat Looking Good As A Long-Term Investment
In the long term, DogWifHat is a strong cryptocurrency to consider. One core metric that gives it the potential for long-term growth is its recent listing on Coinbase Perpetual Futures. This listing has increased WIF’s liquidity, which is advantageous in bull markets, and added an element of credibility compared to many other meme coins.
Coinbase, like Binance, has a strict listing procedure, so the fact that they chose to list WIF on Coinbase Perpetual Futures indicates they view it as a credible meme coin. This could attract more investors to WIF once bullish sentiment returns to the crypto market.
Rising investor interest in WIF is also evident from its status as the top trending cryptocurrency on Solana over the last 24 hours. This indicates that many investors have WIF on their radar despite the current market uncertainty.
🔥 TOP 10 TRENDING TOKEN ON SOLANA LAST 24H
🔹$WIF : @dogwifcoin
🔹$JUP : @JupiterExchange
🔹$Alibaba : @AlibabaGroup
🔹$BOME : @Darkfarms1
🔹$IO : @ionet
🔹$MEW : @MewsWorld
🔹$SHABI : @shabisolana
🔹$GMC : @GameCatSolana
🔹$DADDY : @DaddyTateCTO
🔹$POPCAT : @POPCATSOLANA… pic.twitter.com/upTGenp7Gn— CoinNerd (@Coin_Nerds) June 14, 2024
Investors Mostly Interested in Meme Coins This Year
DogWifHat fortunes could also be boosted by the increased investor interest in meme coins. This year, meme coins have been dominating trading, and once bulls take firm control of the crypto market, top meme coins could experience parabolic gains.
DogWifHat is particularly well-positioned for such gains due to its low token supply of only 998 million and its availability on major exchanges like Binance. This, coupled with its strong and vibrant community, could trigger FOMO buying, potentially pushing the token’s price as high as $20.
DogWifHat A Hot Meme Coin For 2024
While DogWifHat remains range-bound in the short term, the current volatility provides lucrative opportunities for scalpers and day traders. The potential for quick gains on both the upside and downside makes it an attractive option for those looking to profit from short-term trades.
Additionally, the long-term outlook for DogWifHat remains positive, with the potential for significant gains once the broader market trends become clearer. Traders should watch DogWifHat closely, as its unique position and strong community support could trigger a parabolic price run soon.
Read More
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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