Dogwifhat Price Forecast: WIF Trading Volume Hits 1.3 Billion All-time High -What Next?

FXEmpire.com -

Dogwifhat (WIF) price rebounded 16% on April 14 briefly reclaim $2.72 mark. Critical market data trends shows that the 54% WIF price dip in the previous 72-hours had triggered unprecedented levels of trading activity as new entrants moved to buy-in at a discount.

Will the rising demand propel Dogwifhat price above the $3 milestone in the days ahead?

Why is Dogewifhat Price Going Up?

Dogwifhat price surged 17% within the daily timeframe on April 14 as strategic investors swooped in to buy the dip.

Between April 8 and April 13, WIF price has sank 55% to hit a 25-day bottom of $1.97 as the broader crypto markets tumbled due to a mix mag of bearish catalysts -ranging from macroeconomic indices to escalating geo-political tensions.

Dogwifhat (WIF) Price Forecast | Source: TradingView

But the momentum appears to have swung bullish on Sunday April 14, as WIF price rose from $1.97 to reclaim the $2.70 territory. On-chain data trends shows that the Solana’s largest memecoin project recorded a historic levels of market demand during the recent market dip.

Dogewifhat records All-Time High Trading Volume of 1.32 Billion WIF

On April 14, Dogwifhat price bucked the markets trends, rising 17% within a frenetic 8-hour period. Looking beyond the price action, market trends shows that WIF witnessed unprecedented levels of trading activity, which triggered the parabolic price breakout on Sunday.

Santiment chart below present historical data on the number of WIF tokens traded on any given day.

Dogwifhat (WIF) Trading Volume vs Price  | Source: Santiment

As seen above, investors traded 1.32 billion WIF on April 14, which is the highest ever since Dogewifhat was launched on November 2023. More so, it is 28% higher than last month peak trading volume of 1.04 billion WIF recorded on March 30, which ushered the Dogewifhat’s current all-time high price of $4.95

Typically, such a dramatic surge in trading volume during a broader market downtrend could impact WIF prices positively in two major ways.

  • Dogwifhat New Entrants Buying the Dip: Firstly, it suggest that prospective entrants who missed out on the WIF rally in March 2024 have now swooped in to buy the dip, as falling prices across the crypto markets amid geo-political tensions created opportunities to buy-in at a discount.
  • Increased WIF Liquidity absorbing sell-side pressure: In times of market downturns, higher liquidity can help stabilize prices by providing more opportunities for buyers and sellers to execute trades without driving price further downward.

In summary, this increased liquidity in Dogwifhat markets has evidently been pivotal to WIF price outperforming the markets to record double-digit gains on April 14.

Dogwifhat (WIF) Price forecast: Breaking $3 Resistance Could Catalyze More Gains

Dogwifwhat (WIF) price now looks set for an early rebound above $3 in the days ahead, largely due to increased liquidity generated by the record trading volume of 1.32 billion WIF.

Having reclaimed the $2.80 territory at the time of writing on April 14, WIF bulls now face a looming sell-wall at the $2.95 territory, according to insights from the Bollinger Band (4h) indicators.

As depicted above, WIF could struggle to advance beyond the 20-day Simple Moving Average price territory at $2.94. But if the soaring market demand persists, Dogwifhat bull traders could set sights on a new all-time highs above $5.

However, in the event of further downside, the buy-wall at $2.05 zone could avert major losses, as shows by the lower-limit Bollinger band indicator.

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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