Rally

The Dogwifhat bulls don’t seem to be giving up anytime soon, as the fourth-largest meme coin records 12% gains for the second day in a row. The <a href="https://coingape.com/markets/dogwifhat-price-analysis-wif-eyes-to-3-amid-whale-trades/" target="_blank" rel="noopener noreferrer nofollow">Dogwifhat (WIF) price</a> surged all the way past $4.0 once again with its market cap soaring past $4.0 billion and daily trading volumes jumping by 30% all the way above $1.5 billion.
<h3 id="dogwifhat-wif-leads-market-rally">Dogwifhat (WIF) Leads Market Rally</h3>
The WIF price rally has been unstoppable with 30% gains over the past week and over 40% gains over the past month. Moreover, the on-chain indicators suggest strength for Dogwifhat suggesting that the bullish momentum is likely to continue going ahead.
In the past seven days, $WIF has demonstrated remarkable performance, being 15 times stronger than $ETH. This outperformance is reflected in multiple key metrics. Over the past 30 days, $WIF saw a 6.7% increase in the number of token holders, indicating that investors are buying the dip.
Additionally, $WIF had more buyers than sellers, with a buyer/seller ratio of 1.15 during this period. The token also experienced a positive net flow, with $162 billion in buying volume compared to $158.8 billion in selling volume, per data deom Dune Analytics.
<h3 id="new-ath-for-wif-soon">New ATH for WIF Soon?</h3>
After breaking above a decisive symmetrical triangle, the Dogwifhat price surged more than 30%, nearing the $4 mark, just 12% shy of its all-time high. Given the current market trend, it seems the bulls maintain a strong hold on the rally, potentially driving the price to test the current ATH soon.
The recent surge helped the rally test a key resistance level, surpassing the range over the past few days. However, the RSI indicates some bearish divergence as it approaches the upper threshold, suggesting a possible minor pullback before a confirmed breakout above the range. As long as the $WIF price stays above $3.55, the bullish momentum is not entirely exhausted.
<img decoding="async" class="aligncenter size-full wp-image-199411" src="https://coingape.com/wp-content/uploads/2024/05/WIFUSDT.png" alt="" width="1600" height="777" srcset="https://coingape.com/wp-content/uploads/2024/05/WIFUSDT.png 1600w, https://coingape.com/wp-content/uploads/2024/05/WIFUSDT-300x146.png 300w, https://coingape.com/wp-content/uploads/2024/05/WIFUSDT-1224x594.png 1224w, https://coingape.com/wp-content/uploads/2024/05/WIFUSDT-768x373.png 768w, https://coingape.com/wp-content/uploads/2024/05/WIFUSDT-1536x746.png 1536w, https://coingape.com/wp-content/uploads/2024/05/WIFUSDT-150x73.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
To confirm a bullish breakout near the current ATH of approximately $4.65, the price needs to close the daily trade above the ascending trend line around $4. Market sentiment continues to favor crypto, with volume remaining under bullish influence.
Consequently, the $WIF price is expected to stay elevated in the coming days. By the end of the month, the price could initiate a fresh bullish push towards new highs above $5. Moreover, the <a href="https://coingape.com/dogwifhat-whale-sells-539558-wif-as-open-interest-tops-8/" target="_blank" rel="noopener noreferrer nofollow">open interest for WIF</a> recently surged hinting at investors building long positions.
The post <a href="https://coingape.com/dogwifhat-wif-price-surges-12-for-second-day-new-ath-soon/" rel="noopener noreferrer nofollow">Dogwifhat (WIF) Price Surges 12% for Second Day, New ATH Soon?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Dogwifhat (WIF) Price Surges 12% for Second Day, New ATH Soon?

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