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- Dogwifhat (WIF) leads the top gainers list, showcasing a strong bullish trend despite recent declines.
- On-chain data and technical analysis suggest Dogwifhat’s rally has potential for sustained momentum.
Dogwifhat (WIF), a meme token, overcame bearish headwinds and soared to the top of CoinMarketCap’s gainers list today.
As of this writing, this dog-themed token has increased by 13.12% over the last 24 hours, reaching a price of $1.92. This reflects a 25.58% growth over the last seven days, indicating a major bullish trend for the coin.
The tremendous momentum has piqued the interest of investors, particularly after Dogwifhat fell more than 70% from its ATH.
Analyst Insights and On-Chain Data Signal Bullish Momentum for WIF
Meanwhile, renowned technical analyst Bluntz has identified a possible new chapter in WIF’s bullish rally. According to Bluntz, the token successfully breakout through a downtrend line on its daily chart, indicating a possible turnaround in its trend.
$wif is a bees dick away from a major -77% downtrend breakout, strap in, are you ready for round 2? pic.twitter.com/QMg7K5Z2Gd
— Bluntz (@Bluntz_Capital) September 24, 2024
This accomplishment has sparked excitement among traders and fans, implying that Dogwifhat’s current surge may be more than simply a temporary blip.
Also, on-chain data supports the technical factor by indicating that WIF could have a sustained surge. According to Coinglass, WIF’s Open Interest (OI) has increased by 29.99%, to $304.05 million. This jump in OI frequently indicates increased interest and activity from traders, which can be a forerunner to more significant price fluctuations.
Furthermore, the Long/Short Ratio during the last 24 hours is 0.9865, indicating that there are slightly more long holdings than short ones, implying that traders are leaning toward a positive outlook for the token in the near term.
Beside that, according to CNF, WIF was previously identified as one of the tokens projected to skyrocket in September, with projections projecting a 231% increase to a price of $5.62. This estimate increased the excitement surrounding WIF, with many investors anxious to see if the token could live up to their expectations.
Furthermore, as we previously highlighted, WIF made headlines two weeks ago when it became one of the top gainers, along with another meme token, DOGS.
