Dogwifhat (WIF) Price Surges 12% for Second Day, New ATH Soon?

The Dogwifhat bulls don’t seem to be giving up anytime soon, as the fourth-largest meme coin records 12% gains for the second day in a row. The Dogwifhat (WIF) price surged all the way past $4.0 once again with its market cap soaring past $4.0 billion and daily trading volumes jumping by 30% all the way above $1.5 billion.

Dogwifhat (WIF) Leads Market Rally

The WIF price rally has been unstoppable with 30% gains over the past week and over 40% gains over the past month. Moreover, the on-chain indicators suggest strength for Dogwifhat suggesting that the bullish momentum is likely to continue going ahead.

In the past seven days, $WIF has demonstrated remarkable performance, being 15 times stronger than $ETH. This outperformance is reflected in multiple key metrics. Over the past 30 days, $WIF saw a 6.7% increase in the number of token holders, indicating that investors are buying the dip.

Additionally, $WIF had more buyers than sellers, with a buyer/seller ratio of 1.15 during this period. The token also experienced a positive net flow, with $162 billion in buying volume compared to $158.8 billion in selling volume, per data deom Dune Analytics.

New ATH for WIF Soon?

After breaking above a decisive symmetrical triangle, the Dogwifhat price surged more than 30%, nearing the $4 mark, just 12% shy of its all-time high. Given the current market trend, it seems the bulls maintain a strong hold on the rally, potentially driving the price to test the current ATH soon.

The recent surge helped the rally test a key resistance level, surpassing the range over the past few days. However, the RSI indicates some bearish divergence as it approaches the upper threshold, suggesting a possible minor pullback before a confirmed breakout above the range. As long as the $WIF price stays above $3.55, the bullish momentum is not entirely exhausted.

To confirm a bullish breakout near the current ATH of approximately $4.65, the price needs to close the daily trade above the ascending trend line around $4. Market sentiment continues to favor crypto, with volume remaining under bullish influence.

Consequently, the $WIF price is expected to stay elevated in the coming days. By the end of the month, the price could initiate a fresh bullish push towards new highs above $5. Moreover, the open interest for WIF recently surged hinting at investors building long positions.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.