- dogwifhat has experienced continued upward momentum.
- WIF is up 29.74% in seven days, while trading volume is up 116.2% in 24 hours.
dog hat [WIF], the fourth largest memecoin by market capitalization has experienced strong upward momentum over the past month. This uptrend has caused WIF to show a significant recovery on the price charts.
In fact, at the time of writing, WIF was trading at $1.99. This represented an increase of 29.74% compared to the previous week.
It is striking that during this period the demand for memecoin has increased significantly, especially in trading activities. As such, WIF’s trading volume increased by 116.2% in 24 hours to $727.7 million.
The surge in trading activity as the price charts posted significant gains signals changing market sentiment.
Source: Markt Profhit
As such, our analysis of Market Profhit shows that WIF enjoys positive market sentiment with a Buzz score of 1.4 and audience sentiment of 0.1.
What WIF graphs suggest
The prevailing market sentiment is sure to drive further gains on the price charts.
Source: Tradingview
For starters, dogwifhat’s Directional Movement Index (DMI) shows a strong upward trend, with the positive index at 31.06 above the negative index at 15.1.
This indicates that the upward momentum is stronger than the downward momentum, indicating a bullish trend.
Source: Coinglass
Furthermore, WIF’s total liquidation for short positions has skyrocketed over the past three days. In fact, there has been a total liquidation of $2.3 million for short positions in the last 24 hours.
This suggests that those betting against the market are being forced out of their positions, while long position holders continue to hold their trades.
Source: Santiment
This phenomenon is further reflected in a positive financing rate aggregated by exchange rates. According to Santiment data, this has been positive over the past week, indicating that there is more demand for long positions than for short positions.
This indicates that investors are willing to pay a premium and maintain their positions.
Source: Coinglass
Finally, our analysis of Coinglass shows that bullish market sentiment continues to dominate the market, as evidenced by a positively weighted funding rate. As we noted earlier, positive OI-weighted financing indicates that many traders are taking long positions.
Read dogwifhat’s [WIF] Price forecast 2024–2025
Therefore, the current market sentiment is more favorable for the memecoin.
If prevailing conditions hold, WIF will break the next significant resistance level at $2.36. If this level is broken, dogwifhat will hit a 2-month high around $2.9.
