Journalist
Posted:
- Market sentiment around dogwifhat turned bullish in recent days.
- Most figures pointed to a continued price increase.
CoinMarketCaps facts revealed that the bears controlled dogwifhat’s [WIF] price last week when its value plummeted by more than 9%. However, things took a turn for the worse in the past 24 hours, as the price of dogwifhat rose by more than 12%.
At the time of writing, WIF was trading at $1.59 with a market cap of over $1.5 billion, making it the 49th largest crypto.
The good news was that the memecoin’s trading volume increased by 55%, while its price rose. Generally, an increase in volume amid a price increase acts as the basis for a bull rally.
Apart from that, the price increase also had a positive impact on the memecoin’s social metrics. For example, weight sentiment increased. This meant that bullish sentiment around dogwifhat increased.
Additionally, social volume increased, reflecting a rise in popularity.
Source: Santiment
WIF price prediction
AMBCrypto then reviewed dogwifhat’s on-chain data to determine if the metrics indicated a price increase. According to our analysis of Santiment’s data, WIF’s funding rate has fallen.
Normally, prices tend to move in the opposite direction to the financing rate. Furthermore, WIF’s Open Interest rose after a slight decline, indicating that the bullish price trend was likely to continue.
Source: Santiment
Mint glass’ facts revealed another bullish signal. The memecoin’s long/short ratio registered an increase. This meant that there are more long positions in the market than short positions – a bullish signal.
The technical indicator MACD suggested that the bulls and bears were battling each other.
But the Chaikin Money Flow (CMF) indicated that the bulls could gain victory as the chart moved north. If the bulls continue to dominate, investors could witness WIF’s first target at $1.97.
A successful breakout above that level could allow WIF to regain $2.8. In the event of a bounce above that level, dogwifhat could target $3.7 in the coming weeks.
Source: TradingView
Realistic or not, here it is The market capitalization of WIF in terms of BTC
While WIF gained bullish momentum, other Solana [SOL]-based memecoins weren’t left behind either. For example, THUMP‘s price rose by more than 5%. At the time of writing, it was trading at $0.00001752.
POPCATone of the newest additions to SOL’s thriving meme ecosystem, also witnessed a 9% price increase. At the time of writing, POPCAT was trading at $0.5981.
