Memecoins are back? Dogwifhat price rallies 46% in September

Dogwifhat (WIF) Surges 10%

Dogwifhat (WIF) has experienced a surge of 10% within the past 24 hours, reaching a peak of $2.20. Its market capitalization has significantly rebounded, surpassing $2 billion for the first time in seven weeks.

On September 24, WIF overcame a critical resistance level after rallying above $1.96. The memecoin is now gaining momentum, targeting the next resistance at $2.85.

The broader memecoin market has also seen an increase of 6.8% over the past day, reaching above $51 billion and returning to pre-August levels. Dogwifhat remains the fourth-largest memecoin by market capitalization.

Despite its top performance, WIF has not experienced a significant influx of new holders. Recent data indicates only 2,322 new holders have been added within the past seven days, representing a 1.29% increase. The top 50 holders control almost 54.84% of the supply.

The current rally may be driven by the futures market, as open interest surged by 30% to $233 million earlier this week when WIF exceeded $2.

Analysts predict a bullish future for WIF, with some suggesting a potential price target of $3 due to the completion of a deep retracement from key Fibonacci retracement lines.

Technical analysis on the one-day chart shows a breakout from a falling wedge pattern and a strong close above the resistance at $1.95. The immediate price target for WIF is $2.85-$3.00, with a critical reclaim at $2.45-$2.50.

This information should not be interpreted as investment advice or recommendations. Investment decisions should be based on thorough research and due diligence.