- Dogwifhat (WIF) has maintained a bullish growth over the past day, week, and month.
- Technical indicators suggest a possible 62% rally ahead.
There is a resurgence in the memecoin ecosystem with Dogwifhat (WIF) riding the gains. The memecoin sector has recorded a 9.90% uptick in 24 hours to peg the market cap at $51.37 billion. While WIF is not the biggest driver of this bullish growth, its technical setup shows it has one of the most intriguing trends to watch.
The WIF Price Outlook
Due to its association with Solana, WIF has enjoyed enough bullish sentiment in the past few weeks. On different occasions this month, it has made a series of attempts to cross the $2.52 resistance level. With the current momentum, WIF has succeeded and is eyeing a higher high.
The memecoin’s price has skyrocketed by 9.9% in 24 hours to $2.71 per data from Market Cap. At this price level, the trading volume is up 3% to $651.51 million. WIF has increased its gains over the past 7 days by 15.83%. The WIF momentum over the past month remains one of the most bullish in the memecoin sector. The token has rallied by over 75% within this period.
The Dogwifhat technical setup hints that more growth is ahead. The token’s Relative Strength Index (RSI), a metric that measures how oversold or undersold an asset is, currently reads at 64. With a few points below the oversold level of 70, WIF still has room for more rallies ahead.
Over the past month, WIF has made a series of breakouts above the $2.5 price mark. In most instances, the token always faces rejection at this level, placing this point as a major turning point. With the $2.7 resistance breached, a new target is unleashed that might see WIF soaring by an additional 62%.
This forecast aligns with the Chaikin Money Flow (CMF) indicator. This technical metric shows the intensity of accumulation and potential price reversal. The CMF is positive at 0.21, underscoring how positive sentiment dominates the WIF landscape.
Dogwifhat and Core Memecoin Rivals
As mentioned in an earlier CNF report, Dogwifhat ranks as one of the most bullish memecoins with a high watchlist number. Despite the slow start to the month for most digital currencies, WIF has managed to stand out as an outlier.
The token’s appeal is basically in its community. Many memecoin traders have identified with WIF as one with a uniqueness of branding. For a dog with a hat and a market capitalization of $2.73 billion, WIF has carved out a rare niche amid the speculative memecoin sector.
While WIF has soared 9% in 24 hours compared with its core rivals, Dogecoin (DOGE) and Shiba Inu (SHIB) are up 3.06% and 6.68%, respectively. Outpacing these top rivals aligns with an earlier CNF report that forecasted why WIF will shine this month.
