WIF has experienced a strong upward momentum over the last month, now analysts are eyeing $10.
WIF has surged by 7.3% over the past month.
An analysts is eyeing a record high of $10.
dogwifhat [WIF], the fourth largest memecoin by market cap has experienced a strong upward momentum over the past month. As of this writing, the memecoin was trading at $1.58. This marked a 0.97% decline over the past day.
Prior to this, WIF was in an upward momentum. Over the last week, it has increased by 5.07% extending a monthly long of gains. As such, over the last month, it has increased by 7.3%.
Despite these gains, WIF remains 22.17% down from its recent local high of $2.03 and 67.42% from its ATH recorded in March 2024.
Therefore, WIF resilience to experience a month-long uptrend has analysts talking. Cryptoscoop is one of them, with popular crypto analysts eyeing a new high of $10 citing current accumulation.
Prevailing market sentiment
In his analysis, Scoop cited the accumulation as enough to strengthen the memecoin for further gains
According to the analysts, what’s happening in the market is not redistribution but accumulation. He posits that he expects a breakout from this trend which will fuel
strong bull run.
In context, reaccumulation occurs when whales and institutions are in the market buying during consolidation in anticipation of another upward move. This is usually witnessed s a bullish market phase where consolidation acts as a pause before the trend continues upward.
Thus this suggests that the price is positioned to break upward from the current consolidation range.
What WIF charts indicate -
As noted by the analysts, WIF was experiencing a strong upswing. Thus, the current market condition could allow WIF to make further gains.
For example, Dogwifhat’s funding rate aggregated by exchange has been largely positive over the past week.
When the funding rate aggregated by exchange is positive, it suggests long positions are paying short to maintain their trades. This indicates a higher demand for long positions relative short.
Such market behavior is perceived as bullish as investors show confidence in the memecoins direction.
