Dogwifhat (WIF), the fourth-largest meme-based cryptocurrency, has shown a remarkable recovery in its price movement in recent months. At the time of writing, WIF was valued at $1.68, reflecting a 9.65% increase in the last day.
Furthermore, over the course of a week, WIF has experienced an 8.95% surge, signaling a month-long uptrend in its trajectory.
During the past few months, this memecoin has witnessed a notable 7.30% rise in its value. Simultaneously, its trading volume has spiked by 97.91% to reach $419.8 million, as per data from CoinMarketCap.
After hitting a low of $1.07 on August 5th, WIF reached a recent peak of $2.03. While it initially struggled to sustain upward momentum since August 24th, a reversal in trend was witnessed in the past week.
Given the current price action, the memecoin appears poised for a breakout from the descending trendline. Such a breakout could propel WIF to revisit recent highs successfully.
Can WIF Maintain Its Upward Momentum?
Based on CryptoCrypto’s analysis, WIF is currently showing a robust uptrend, challenging a downtrend that dominated the past two months.
These prevailing market conditions indicate that WIF could be gearing up for further price appreciation.
The Aroon Line for Dogwifhat indicates a consistent upward movement, with the Aroon Up standing at 28.57%, surpassing the Aroon Down. A higher Aroon Up value suggests that recent peaks are outweighing recent troughs.
When the Aroon Up value is dominant, it confirms an uptrend where recent price action is characterized by higher highs and higher lows.
In addition, WIF’s OI-Weighted Funding Rate has shown positivity over the last three days. A positive OI-Weighted Funding Rate implies that investors with long positions are paying those holding short positions.
This scenario indicates that a significant portion of traders anticipate an upward price movement, presenting a bullish sign.
Lastly, the memecoin’s Funding Rate Aggregated by Exchange has demonstrated consistent positivity over the past six days.
This further validates the previous observation by CryptoCrypto regarding the prevalence of long positions over short positions, indicating a growing demand for WIF.
In summary, WIF appears well-positioned to witness further gains. If the current bullish market sentiment persists, the memecoin is likely to break through the descending trendline at $1.71.
Such a breakout could potentially propel WIF towards a 2-month high of $2.90.