Memecoins
Dogwifhat exceeds $3: Will WIF reach $5 soon?
- Buying pressure on WIF has increased in recent days.
- WIF must surpass $3.30 in order to maintain its bullish rally.
dog hat [WIF] bulls have stepped up their game over the past few days, with the meme coin seeing double-digit growth.
As a result, WIF has broken out of an uptrend, which could potentially lead to further growth in the coming days.
WIF bulls win
According to CoinMarketCapWIF investors had a great week as the meme coin’s price increased by 20% over the past seven days.
The bulls pushed even harder over the past 24 hours as the value of WIF jumped 8%.
At the time of writing, Dogwifhat was trading at $3.11 with a market cap of over $43.1 billion, making it the 38th largest crypto.
The recent price rise has also allowed the meme coin to move beyond a symmetrical triangular pattern. Captain Faibik, a popular crypto analyst, recently published a Tweeter highlighting this development.
The tweet mentions that WIF has been consolidating inside the pattern over the past 80 days before finally breaking out, which could soon result in an 80-90% bullish rally.
Apart from this, Lookonchain recently released a Tweeter this highlighted that buying pressure on the meme coin was high.
According to the tweet, a whale spent 17,966 SOL, worth $2.98 million, to purchase 953,177 WIF at $3.13. This whale previously spent 1 million USDC to purchase 355,417 WIF at $2.81 on May 21.
However, it was surprising to see that despite the price rise and buying pressure, the sentiment around the meme coin remained bearish as its weighted sentiment entered the negative zone.
Its social volume also remained low, reflecting a decline in WIF’s popularity.
Source: Santiment
The next possible targets of the WIF
The good news is that even though the meme coin’s price has increased, its open interest has followed a similar path. To begin with, the metric represents the total number of active positions in a specific asset.
An increase in the metric generally suggests that the current price trend will continue.
However, the metric saw a slight decline over the past few hours.
Source: Santiment
The Chaikin Money Flow (CMF) looked bearish as it was below its neutral mark. Additionally, the Money Flow Index (MFI) continued to support buyers as it moved north.
Source: TradingView
Read What is going on [WIF] Price prediction 2024-25
AMBCrypto then analyzed data from Hyblock Capital to find possible targets for WIF if its bull rally continues.
We found that it would be crucial for WIF to first break above $3.30, as it has failed to do so twice in the recent past. A successful breakout above this level would open the door for WIF to reach $4.
Source: Hyblock Capital