dogwifhat: Analyzing the 30% price increase and volume boom

• dogwifhat has experienced a sustained upward momentum.
• WIF has surged by 29.74% in 7 days as trading volume rose by 116.2% in 24 hours.

dogwifhat [WIF], the fourth largest memecoin by market cap, has experienced a strong upward momentum over the past month. This uptrend has seen WIF make a significant recovery on its price charts.

In fact, as of this writing, WIF was trading at $1.99. This marked a 29.74% increase over the past week.

Notably, this period has seen the memecoin record  considerable upsurge in demand especially trading activities. As such, WIF’s trading volume has surged by 116.2% to $727.7 million in 24 hours.

The surge in trading activity while price charts have recorded significant gains suggests changing market sentiment.

Source: Market Prophit

As such, our analysis of Market prophit shows WIF is enjoying positive market sentiment with a 1.4 Buzz score and 0.1 crowd sentiment.

What WIF charts suggest

Undoubtedly, the prevailing market sentiment sets dogwifhat for further gains on the price charts.

Source: Tradingview

For starters, dogwifhat’s Directional Movement Index (DMI) shows a strong uptrend with the positive index at 31.06 above the negative index at 15.1.

This indicates the upward momentum is stronger than the downward momentum, signaling a bullish trend.

Source: Coinglass

Additionally, WIF’s total liquidation for short positions has surged over the past three days. In fact, the last 24 hours have seen $2.3 million in total liquidation for short positions.

This suggests that those betting against the market are forced out of their positions while long position holders continue to hold their trade.

Source: Santiment

This phenomenon is further shown by a positive funding rate aggregated by exchange. According to Santiment’s data, this has been positive over the past week suggesting a higher demand for long positions than short ones.

Thus, signaling investors are willing to pay a premium and hold their positions.

Source: Coinglass

Finally, our analysis of Coinglass shows bullish market sentiment continues to dominate the market as indicated by a positive weighted funding rate. Just like we observed earlier, positive OI-weighted funding suggests many traders are taking long positions.

Read dogwifhat’s [WIF] Price Prediction 2024–2025

Therefore, the current market sentiment shows higher favorability for the memecoin.

If the prevailing conditions are maintained, WIF will break out of the next significant resistance level of $2.36. A breakout from this level will see dogwifhat hit a 2-month high around $2.9.