Dogwifhat smashes past $3: Will WIF reach $5 soon?

• Buying pressure on WIF increased over the last few days. 
• WIF must go above $3.30 in order to sustain its bull rally.

Dogwifhat [WIF] bulls have stepped up their game over the last few days, as the meme coin registered a double-digit growth.

As a result, WIF broke above a bullish pattern, which has the potential to cause further growth in the coming days. 

WIF bulls are winning

According to CoinMarketCap, WIF investors were having a great week as the meme coin’s price increased by a healthy 20% in the last seven days.

The bulls pushed even harder in the last 24 hours as WIF’s value surged by 8%.

At the time of writing, Dogwifhat was trading at $3.11 with a market capitalization of over $43.1 billion, making it the 38th largest crypto.

The recent price uptick also allowed the meme coin to break above a symmetrical triangle pattern. Captain Faibik, a popular crypto analyst, recently posted a tweet highlighting this development.

The tweet mentioned that WIF consolidated inside the pattern for the last 80 days before finally breaking out, which could result in an 80%–90% bull rally soon.

Apart from this, Lookonchain recently posted a tweet that pointed out that buying pressure on the meme coin was high.

According to the tweet, a whale spent 17,966 SOL, worth $2.98 million, to buy 953,177 WIF at $3.13. This whale previously spent 1 million USDC to buy 355,417 WIF at $2.81 on the 21st of May.

However, it was surprising to note that despite the hike in price and buying pressure, sentiment around the meme coin remained bearish as its Weighted Sentiment went into the negative zone.

Its Social Volume also remained low, reflecting a decline in WIF’s popularity. 

Source: Santiment

WIF’s possible next targets

The good news was that while the meme coin’s price increased, its Open Interest followed a similar path. For starters, the metric represents the total number of active positions in a specific asset.

A rise in the metric usually hints that the ongoing price trend will continue further.

However, the metric registered a slight decline in the last few hours.

Source: Santiment

The Chaikin Money Flow (CMF) looked bearish as it was resting under its neutral mark. Also, the Money Flow Index (MFI) continued to support the buyers as it went northward.

Source: TradingView

Read dogwifhat’s [WIF] Price Prediction 2024-25

AMBCrypto then analyzed Hyblock Capital’s data to find WIF’s possible targets if its bull rally continues.

We found that it would be crucial for WIF to go above $3.30 first, as it has twice failed to do that in the recent past. A successful breakout above that level would open the door for WIF to touch $4.

Source: Hyblock Capital