Examining WIF’s bullish week: Memecoin up 9% as sentiment shifts

• WIF surged by 9.23% over the past 7 days.
• Dogwighat enjoys positive market sentiment as trading volume soars by 23.65%.

dogwifhat [WIF], the fourth largest memecoin by market cap has defied markets to experience sustained gains. While the rest of the market was bleeding, WIF was holding well, thus building optimism.

In fact, as of this writing, dogwifhat was trading at $1.53. This marked a 9.23% increase over the past week.

Prior to this, WIF had been on a downward trajectory, dropping by 15.35% over the last month.

However, under this shift in market sentiment, WIF has shown rising demand and buying activity through increased trading. Over the last 24 hours, WIF’s trading volume has surged by 23.65% to $221 million.

Prevailing market sentiment

According to AMBCrypto’s analysis, dogwifhat was enjoying positive market sentiment.

This was supported by Market Prophit data that suggest high favorability towards the memecoin. According to market prophit, crowd sentiment was 0.15, Buzz score was 0.8447, and crowd Z-score sentiment was 1.52.

A positive crowd sentiment suggests investors and other market players are optimistic about WIF’s future prospects.

Source: Market Prophit

What WIF charts suggest

According to AMBCrypto’s analysis of the price chart, WIF was experiencing a strong upward momentum.

Source: Tradingview

Firstly, SMA at $1.51 was below the current price, suggesting the recent price action is stronger than the historical average. When SMA is set like this, it shows the meme-coin is in an uptrend phase.

Source: Santiment

Additionaly, Dogwifhat’s funding rate aggregated by exchange was positive. This implied that long position holders are paying for shorts.

Such a scenario happens as demand for long positions exceeds that for shorts, indicating that investors expect the price to rise.

Source: Coinglass

Finally, the demand for WIF long positions was further supported by a positive OI-weighted funding rate. This shows that there’s a higher demand for long positions which reflects the overall bullish market sentiment.

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

Therefore, if the prevailing market conditions hold, WIF is well positioned for further gains. Thus, a breakout from the descending trendline will strengthen the meme-coin to hit the $2.0 resistance level that has shown to be stubborn.

However, a correction will see WIF decline to a Critical support level of $1.2.