The Dogwifhat bulls don’t appear to be giving up anytime quickly, because the fourth-largest meme coin information 12% positive factors for the second day in a row. The Dogwifhat (WIF) price surged all the best way previous $4.0 as soon as once more with its market cap hovering previous $4.0 billion and each day buying and selling volumes leaping by 30% all the best way above $1.5 billion.
Dogwifhat (WIF) Leads Market Rally
The WIF value rally has been unstoppable with 30% positive factors over the previous week and over 40% positive factors over the previous month. Moreover, the on-chain indicators counsel energy for Dogwifhat suggesting that the bullish momentum is more likely to proceed going forward.
In the previous seven days, $WIF has demonstrated outstanding efficiency, being 15 occasions stronger than $ETH. This outperformance is mirrored in a number of key metrics. Over the previous 30 days, $WIF noticed a 6.7% improve within the variety of token holders, indicating that traders are shopping for the dip.
Additionally, $WIF had extra consumers than sellers, with a purchaser/vendor ratio of 1.15 throughout this era. The token additionally skilled a optimistic web stream, with $162 billion in shopping for quantity in comparison with $158.8 billion in promoting quantity, per knowledge deom Dune Analytics.
New ATH for WIF Soon?
After breaking above a decisive symmetrical triangle, the Dogwifhat value surged greater than 30%, nearing the $4 mark, simply 12% shy of its all-time excessive. Given the present market development, it appears the bulls preserve a powerful maintain on the rally, doubtlessly driving the value to check the present ATH quickly.
The latest surge helped the rally check a key resistance stage, surpassing the vary over the previous few days. However, the RSI signifies some bearish divergence because it approaches the higher threshold, suggesting a attainable minor pullback earlier than a confirmed breakout above the vary. As lengthy because the $WIF value stays above $3.55, the bullish momentum just isn’t solely exhausted.
To verify a bullish breakout close to the present ATH of roughly $4.65, the value wants to shut the each day commerce above the ascending development line round $4. Market sentiment continues to favor crypto, with quantity remaining below bullish affect.
Consequently, the $WIF value is predicted to remain elevated within the coming days. By the tip of the month, the value might provoke a recent bullish push in the direction of new highs above $5. Moreover, the open interest for WIF just lately surged hinting at traders constructing lengthy positions.
The introduced content material might embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability for your private monetary loss.
