The recently launched memecoin of the Solana ecosystem, Dogwifhat (WIF) has been an impressive start and is in a strong momentum. WIF token rallied over 180% in the last 45 trading sessions, outperforming the larger crypto market. It is above the upward trendline.
Amidst the market correction, the WIF token persisted in stretching the rally and witnessed strong uptrend on the chart. WIF has the potential to extend the rally and retest the 52 week high mark of $5 soon.
At press time, the Dogwifhat crypto (WIF) price traded at $3.15 with an intraday surge of 11.10%, reflecting bullishness. It has a monthly return ratio of 11.78% and 166.30% yearly.
The pair of WIF/BTC is at 0.0000501 BTC, and the market cap is $3.16 Billion. Analysts are bullish and suggest that the WIF price may resume the bullish wave and will reach the $5 mark soon.
Will Dogwifhat (WIF) Continue To Outperform?
The WIF token price is trading above the key moving averages and has breached the downward trendline hurdle of $3. Moreover, the WIF token is poised for a rise and has room for further expansion.
Source: Santiment
The price action highlights the fresh bull accumulation and the WIF token showcased an impressive rise of over 30% this week. Going forward, the technicals are suggesting further delights are soon to be unlocked and the token may continue to explode gains in the next sessions.
The intraday trading volume jumped over 31.20% to $620.62 Million, signifying strong investor interest.
What Does Key Indicators Highlights On WIF Token
- Futures Open Interest
Per Coinglass data, fresh long buildup activity was noted in the derivative segment, and the open interest spiked over 8.90% to $323.98 Million.
Source: coinglass
- Relative Strength Index
The momentum indicator (Relative Strength Index) looks positive, and the curve stays in the overbought zone, reflecting a bullish crossover.
- Fibonacci Retracement Level
Per the Fibonacci retracement levels, the WIF token price escaped the 38.3% zone and sustained above the mid-bollinger band support zone. The immediate support levels for the Dogwifhat (WIF) is $3 and $2.80 whereas the key upside hurdle is around $3.70, followed by $4.
Conclusion
The Dogwifhat (WIF) price showcased tremendous rise and rides on the bullish track, delivering outperformance. Moreover, the token may continue to explode the gains and will replicate a short term bullish trend ahead.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
