The digital token known as dogwifhat [WIF] has demonstrated remarkable performance over the past day, setting the stage for a potential price target. As a result, analysts at CryptoCrypto have turned to investigate the token’s blockchain data to forecast its next move.
dogwifhat Shows Signs of a Breakout
Recent data from CoinMarketCap indicates that WIF bulls have been quite active, propelling the token’s value up by more than 18% in the last 24 hours.
Presently, WIF is trading at $2.65, boasting a market capitalization exceeding $2.6 billion, ranking it as the 35th largest cryptocurrency in circulation.
With this surge, the sentiment surrounding the token has shifted back into positive territory, indicating heightened bullish interest among investors.
Despite the positive sentiment, dogwifhat’s market dominance has remained relatively subdued in recent days.
While social dominance has been lackluster, the price uptrend has set dogwifhat on course for a new target. Notably, renowned crypto analyst World Of Charts recently suggested that the token has broken above a key trend line and could potentially aim for $5 in the near future.
Potential Targets for WIF
Further analysis by CryptoCrypto delved into dogwifhat’s on-chain metrics to assess its likelihood of reaching the $5 milestone.
Based on Santiment’s data, WIF’s trading volume has seen a recent uptick following a decline, laying a solid foundation for a bullish rally.
Additionally, the token’s open interest has risen, hinting at favorable prospects for the ongoing price momentum to persist.
The technical indicator MACD for WIF has exhibited a bullish stance, implying an advantage in the market. To advance towards the $5 target, WIF must navigate through several resistance levels, with $2.8 representing the immediate hurdle.
A successful breach above $2.8 could propel dogwifhat towards $3.7, paving the way for a potential climb to $5. However, challenges remain for the token.
For instance, the Relative Strength Index (RSI) is on the verge of entering the overbought region, signaling a possible correction in prices should this milestone be reached.
In a scenario of bearish dominance, WIF could retrace back to $1.9, presenting a contrasting outlook to the bullish trajectory.