Dogwifhat (WIF) Soars 50% Amid Bullish Momentum
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Key Takeaways
dogwifhat (WIF), a memecoin, has recorded strong price gains within three days. The price surged by up to 50.77%, reaching a one-month high of USD 0.612. Technical indicators such as the Relative Strength Index (RSI) and the Directional Movement Index (DMI) suggest continued upward momentum. However, there are signs that a correction could be imminent.
Strong Price Surge for dogwifhat
In recent days, dogwifhat (WIF) has posted impressive gains. Within 24 hours, the price rose by 17.74% from USD 0.508 to USD 0.612. On a weekly basis, this represents an increase of 50.77%. This allowed the coin to break a months-long downtrend.
The strong performance highlights growing interest in memecoins. Many traders are currently betting on short-term price gains, further driving demand for WIF.
Technical Indicators Point to Further Growth
A look at the technical data shows: the RSI, an indicator of an asset’s relative strength, climbed from 41 to 70 within four days. Values above 70 indicate an overbought condition, but often the RSI continues to rise to 80 before a correction sets in.
The Directional Movement Index (DMI) also confirms the upward trend. The value reached a six-month high of 37. A high DMI value, combined with a rising +DI (positive directional indicator) and a low -DI (negative directional indicator), signals strong upward movement.
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Massive Accumulation on Exchanges
Hourly charts reveal significant accumulation. The so-called netflow, which measures the difference between deposits and withdrawals on exchanges, remained negative across all major platforms. On Binance, for example, the netflow dropped to -451,900 WIF, indicating strong buying activity.
Additionally, the Funding Rate Aggregated by Exchanges shows that more traders are betting on rising prices. A positive funding rate means that long positions dominate and market sentiment remains bullish.
What’s Next for WIF?
If demand continues, WIF’s price could rise towards USD 0.79. However, if buying interest weakens, a pullback to around USD 0.54 could occur. Traders should closely monitor market movements and practise proper risk management.
Our Assessment
dogwifhat is currently showing strong momentum, driven by technical indicators and increased demand. Nevertheless, caution is advised: the market is overheated, and memecoins are known for their high volatility. Investors should be prepared for short-term fluctuations and not rely solely on further price gains.
Sources
- TradingView
- CoinGlass
- Santiment
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