dogwifhat: How WIF jumped +35% in a month and is $10 the next stop?

• WIF records 35.5% increase in 30 days.
• dogwifhat market cap surge by 1306% in 2024 as analysts eye $6 billion.

Solana-based memecoin dogwifhat [WIF]  has experienced a surge in prices and market cap over the last 30 days.

Over the past month, WIF prices have surged from $2.18 to $2.59, while the market cap has surged from $1.57 billion to $2.49 billion, according to Coincodex.

WIF prices surge

The current surge has excited the crypto community, with crypto analysts speculating and betting big. For instance, Team Lambo Charts on X shared the altcoin’s prospects while predicting an upcoming rally, stating that,

“$WIF has bounced off the support, and we have done an 80% so far! Now we need a breakout above 2.9$ for the target 10$, and it’s possible mid-term off here!”

Source: X

Based on this analysis, since WIF has made a 30% bounce off the lower trendline, it will hit $2.8 to $5 in the short term. Such a sustained uptrend will further push the prices to $10 in the long run.

Source: X

Further, Smith shared his optimism about the current market momentum , predicting further growth in the market cap. Through his X page, he noted that,

“Huge move to the upside soon. $6b+ target before Oct/Nov. $wif will lead this ”meme coin super cycle” to valhalla.”

Source: Forbes

According to Forbes, dogwifhat has been the best-performing meme-coin throughout 2024.

In 2024, WIF has made an exceptional performance with a 1306% surge. Therefore, with these sustained rises, WIF’s market cap is well positioned for further growth.

What WIF price chart suggests

AMBCrypto’s analysis shows WIF is experiencing a strong uptrend momentum over the past weeks.

As of this writing, WIF’s Awesome Oscillator (AO) was positive at 0.57, suggesting that 5 period SMA is above 34 period SMA, indicating upward momentum.

Source: Tradingview

Additionally, the MACD line was positive at 0.15, indicating a positive momentum since short-term EMA is above long-term EMA.

Equally, the Aroon line further proves this as the Aroon-UP line 78.57% sits above Aroon-down at zero. When the asset is set this way, the upward momentum is strong enough and well-positioned to continue.

Finally, according to coinglass, WIF has experienced a rising open interest over the past month. The altcoin’s open interest has increased from a low of $194.26 million to a high of $374 million in 30 days.

This shows investors are willing to pay premium and hold their positions, suggesting confidence in the crypto’s future potential.

Source: Coinglass

Is your portfolio green? Check the WIF Profit Calculator

Can WIF sustain the uptrend?

As of this writing, WIF was trading at $2.54 after a 12% surge over the past seven days. If the memecoin maintains the upward momentum, it can reach $2.916 in the short run.

Achieving this level will push the altcoins towards $3.5 in the short term. With a sustained bullish momentum, dogwifhat will attempt to challenge the next resistance level around $4.13.