- WIF has surged by 7.3% over the past month.
- An analysts is eyeing a record high of $10.
dogwifhat [WIF], the fourth largest memecoin by market cap has experienced a strong upward momentum over the past month. As of this writing, the memecoin was trading at $1.58. This marked a 0.97% decline over the past day.
Prior to this, WIF was in an upward momentum. Over the last week, it has increased by 5.07% extending a monthly long of gains. As such, over the last month, it has increased by 7.3%.
Despite these gains, WIF remains 22.17% down from its recent local high of $2.03 and 67.42% from its ATH recorded in March 2024.
Therefore, WIF resilience to experience a month-long uptrend has analysts talking. Cryptoscoop is one of them, with popular crypto analysts eyeing a new high of $10 citing current accumulation.
Prevailing market sentiment
In his analysis, Scoop cited the accumulation as enough to strengthen the memecoin for further gains.
Source: X
According to the analysts, what’s happening in the market is not redistribution but accumulation. He posits that he expects a breakout from this trend which will fuel a strong bull run.
In context, reaccumulation occurs when whales and institutions are in the market buying during consolidation in anticipation of another upward move. This is usually witnessed s a bullish market phase where consolidation acts as a pause before the trend continues upward.
Thus, this suggests that the price is positioned to break upward from the current consolidation range.
What WIF charts indicate
As noted by the analysts, WIF was experiencing a strong upswing. Thus, the current market condition could allow WIF to make further gains.
Source: Santiment
For example, Dogwifhat’s funding rate aggregated by exchange has been largely positive over the past week.
When the funding rate aggregated by exchange is positive, it suggests long positions are paying short to maintain their trades. This indicates a higher demand for long positions relative to short.
Such market behavior is perceived as bullish as investors show confidence in the memecoin’s direction.
Source: Coinglass
Additionally, this phenomenon is further supported by the positive OI-weighted funding rate. As such, a positive OI-weighted indicates higher demand for long positions. This is another bullish signal.
Can WIF rally?
Source: Tradingview
As WIF enjoys favorable market conditions, WIF’s advance-decline ratio (ADR) is high at 4.91 at press time. This suggests a strong bullish sentiment with the memecoin’s gains outweighing losses.
Realistic or not, here’s WIF’s market cap in BTC’s terms
Therefore, if the current conditions hold, WIF will break out from the descending trendline at $1.78.
A breakout from this level will strengthen the memecoin to hit $2.68. While the analysts offer a positive outlook, $10 is a far-fetched target.
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