- Historical data suggests a potential “Coinbase Effect” could significantly elevate Dogwifhat’s price following its listing.
- Technical indicators like RSI and AO hint at an emerging bullish trend, suggesting possible near-term price increases.
Dogwifhat (WIF) saw its price increase by 5% on Thursday, a development noteworthy within the meme coin sector. This increase occurred in the context of Bitcoin surpassing the $63,000 threshold, which generally lifts market sentiment.
@CoinbaseIntExch will add support for dogwifhat perpetual futures on Coinbase International Exchange and Coinbase Advanced. The opening of our WIF-PERP will begin on or after 9:30am UTC on 25 APR 2024. pic.twitter.com/gIXr3XKXrV
— Coinbase International Exchange 🛡️ (@CoinbaseIntExch) April 18, 2024
Coinbase announced that it would start listing the WIF token for perpetual futures trading from April 25. Historically, tokens newly listed on Coinbase often experience immediate price surges, a phenomenon referred to as the “Coinbase Effect.”
Research from Messari, a crypto analysis firm, supports this pattern, showing that tokens listed on Coinbase average a 91% return in the first five days following their listing.
The price of Dogwifhat is currently fluctuating between $2.15 and $3.14. The crypto market’s direction is often influenced by Bitcoin’s performance, which acts as a market indicator.
Despite a cautious market outlook and ongoing high-risk perceptions, technical indicators such as the Relative Strength Index (RSI) are nearing levels that traditionally suggest a buying opportunity. The Awesome Oscillator (AO) is also showing early signs of bullish momentum for WIF.
If the market sentiment turns favorable, Dogwifhat’s price could potentially reach higher resistance levels at $3.14, $4.24, and if momentum continues, up to $4.86, marking a significant rise from its current position.
This potential increase is closely tied to broader market trends and the upcoming Coinbase listing, which may amplify interest and trading activity surrounding WIF.
