Dogwifhat (WIF) Price Prediction 2023: Can the Solana-Based Memecoin Recover?

Despite major price declines across the cryptocurrency landscape, Dogwifhat [WIF], the popular Solana-based memecoin, has remained stable at the 0.618 Fibonacci retracement level.

Despite the broader cryptocurrency market experiencing substantial price declines, Dogwifhat [WIF], a popular memecoin on the Solana blockchain, has remained stable at the 0.618 Fibonacci retracement level.

Over the past week, WIF’s price has been consolidating within a narrow range between $3.02 and $3.37, which corresponds to the Fibonacci golden zone of 50% and 61.8%.

Rising whale activity

Amid this ongoing price consolidation, whales and investors have shown strong interest and confidence in the memecoin, according to on-chain metrics from Coinglass’s WIF Spot Inflow/Outflow data.

The data indicates that whales and investors have withdrawn a total of $62.23 million worth of WIF tokens from exchanges. This significant withdrawal by industry giants suggests a potential buying opportunity and a possible upcoming rally in the days ahead.

However, traders appear to be closing out their open positions in response to the prolonged price consolidation. At the time of writing, WIF’s Open Interest (OI) declined by 6% in the past 24 hours, indicating lower participation from traders. This suggests they might be waiting for a breakout from the consolidation.

Dogwifhat’s technical analysis key levels

According to AMBCrypto’s technical analysis, WIF is at a Fibonacci golden zone. This is a key level where the price is likely to either reverse or continue its trend.

Traders and investors use this level to determine the perfect support and resistance for any asset.

Source: TradingView

WIF’s price prediction

Based on recent price action, if WIF maintains its position above $3, there is a strong possibility it could soar by 60% to reach the $4.90 level in the coming days.

On the positive side, the memecoin’s Relative Strength Index (RSI) suggested that WIF had sufficient room to experience a significant rally. The RSI stood at 50.56, indicating that the asset is neither in the oversold nor overbought zone.

Combining all these metrics with technical analysis suggests that bulls are currently dominating the asset and could provide strong support for an upcoming rally.

Realistic or not, here’s WIF’s market cap in BTC’s terms

At press time, WIF was trading at $3.06 and had experienced a price drop of over 7% in the past 24 hours. During the same period, its trading volume dropped by 47%, indicating lower participation from traders and investors compared to previous days.