Dogwifhat ($WIF) breaks $3 barrier, approaching $5 milestone. Or not?
In recent days, the Dogwifhat [WIF] enthusiast community has been buzzing with excitement, witnessing a remarkable surge in the meme cryptocurrency's value, marking a notable jump in its growth rate.
This surge enabled WIF to transcend a bullish trend line, setting the stage for potentially even more impressive gains shortly.
The Rise of WIF Bulls
Per insights from CoinMarketCap, it's been a stellar week for those holding WIF, with the meme token’s value climbing by an impressive 20% in just a week.
This upward trajectory gained further momentum in the last 24 hours, with WIF's price appreciating by an additional 8%.
As it stands, Dogwifhat trades at $3.11, boasting a market valuation surpassing $43.1 billion, which slots it into the position of the 38th most valuable cryptocurrency.
Highlighted by a recent analysis shared by Captain Faibik, a noted figure in the crypto analysis sphere, this price boost allowed Dogwifhat to eclipse a symmetrical triangle pattern. His insights pointed out that WIF lingered within this configuration for around 80 days before its explosive exit, potentially heralding a bull run that could see prices soar by 80%–90%.
In another observation shared by Lookonchain, it was revealed that there’s a robust buying momentum behind the meme coin. In their tweet, they detailed how a significant investor deployed 17,966 SOL, equivalent to $2.98 million, to purchase 953,177 WIF at $3.13 each. This same investor had previously invested 1 million USDC for 355,417 WIF at $2.81 each on May 21st.
Interestingly, despite the price surge and robust buying interest, the overall sentiment toward the coin has veered into bearish territory, with its Weighted Sentiment index hitting the negative. Additionally, its Social Volume also saw a dip, signifying a decrease in Dogwifhat’s popularity.
Potential Next Milestones for WIF
On a positive note, as the meme coin's price rallied, we observed a concurrent rise in its Open Interest - a metric tracking the total number of unsettled positions - hinting at sustained interest and potentially further price appreciation.
Nevertheless, a recent slight dip in this metric was observed.
The Chaikin Money Flow (CMF) indicator presented a bearish outlook as it remained below the neutral threshold. Meanwhile, the Money Flow Index (MFI) painted a more optimistic picture, indicating a bullish sentiment among investors.
A thorough analysis by AMBCrypto, utilizing Hyblock Capital’s data, aimed at charting WIF's potential future performance, underscored the importance of crossing the $3.30 mark - a threshold WIF has struggled to surpass recently. Surmounting this level could significantly pave the way for WIF to achieve the $4 mark.
