dogwifhat soars 18.7% in 24 hours: Is WIF leading the memecoin recovery?

• WIF soared at press time, with an 18.7% surge on daily charts.
• dogwifhat led the memecoin recovery, with an increase in trading volume and market cap.

Over the past month, the meme-coin market has experienced a sharp decline. The memecoin market slump had hit dogwifhat [WIF] the most, which declined from $1.95 to $1.37 in less than two weeks.

However, WIF has reversed, reported massive gains on daily charts and defying market trends.

WIF soars as memecoins recover

Over the past month, WIF has experienced a sustained decline of 36.61%. The trend mirrored the overall memecoin sector.

However, the memecoin market seems to have recovered over the past 24 hours, with all major memecoins reporting gains.

For instance, Dogecoin [DOGE] rose 5.94% while and Pepe [PEPE] has gained 10.74% over the same period. Equally, Shiba Inu [SHIB] has gained 5.7% on daily charts.

What dogwifhat price charts suggest

dogwifhat has continued to defy markets with gains on daily charts. As of this writing, WIF’s trading volume has surged by 57.27% over the past 24 hours to $386 million.

Equally, the market cap has surged by 17.84% in 24 hours to $1.7 billion. Essentially, the daily chart shows that prices have gained 18.70%.

Source: TradingView

At press time, the memecoin was trading at $1.59 after making significant gains on daily charts. The price action showed a strong upward movement in the short term on price charts.

The Advance Decline Ratio (ADR) was above 1 at 2.68, suggesting increased buying activity and overall positive outlook among investors.

Thus, there’s a substantial increase in prices over the short term than decreases.

Source: TradingView

The Aroon line showed that price movements in the short term have gained upward momentum. The Aroon Up, at 21.43%, sat above Aroon Down at zero, indicating that short-term gains outweighed recent losses.

Source: Coinglass

Looking further, data from Coinglass showed that WIF has experienced a significant decline in long position liquidations over the past 24 hours, from $609.7k to $95.4k.

Equally, short position liquidation has surged from $242.4K to $830.4k over the same period. This shows that investors betting against the market are out of money due to recent gains.

Source: Coinglass

The Weighted Funding Rate was positive at press time, suggesting that traders paid a premium to hold their positions. This is bullish, indicating that investors were betting on rising prices.

Realistic or not, here’s WIF’s market cap in BTC’s terms

Therefore, with the current positive market sentiment, WIF is well positioned for further gains. Thus, if the current market conditions prevail, the memecoin will break down to a significant resistance level of $1.93.

The breakout would strengthen WIF to reach $2.9.