Dogwifhat Price Up 17%: Will WIF Hit $5?

Dogwifhat [WIF] has been showing an impressive performance in the past 24 hours. This also brings memecoin closer to a new target.

Therefore, TinTucBitcoin set out to evaluate memecoin's on-chain data to find out its next move.

Dogwifhat is breaking the limits

Data from CoinMarketCap reveals that WIF supporters have been doing exceptionally well over the past 24 hours as they pushed the memecoin price up by more than 18%.

At press time, WIF is trading at $2.65 with a market capitalization of over $2.6 billion, making it the 35th largest cryptocurrency.

Thanks to this recent price surge, memecoin sentiment has turned positive again. Whenever that happens, it shows that the bullish sentiment around the asset is high.

However, this has not had much impact on dogwifhat's particular dominance, which has remained low over the past few days.

Nguồn: Santiment

Source: Santiment

While social dominance remains low, the price surge has pointed WIF towards a new target. World Of Charts, a popular cryptocurrency analyst, posted a tweet revealing this development.

According to the tweet, dogwifhat has broken above another resistance level. The recent breakout suggests that memecoin could be aiming for $5 in the coming days.

WIF's upcoming goals

Next, TinTucBitcoin looked at dogwifhat's on-chain metrics to see if they support the possibility of memecoin aiming for $5.

According to our analysis based on data from Santiment, after a decline, WIF's trading volume has increased in the past few hours, serving as the foundation for this price increase.

In addition, the open interest of WIF also increased. The increase in this indicator suggests that the possibility of the current price trend continuing is high.

Nguồn: Santiment

Source: Santiment

WIF's MACD technical indicator shows a bullish bias. If the uptrend continues, a few more resistance zones will be needed for WIF before aiming for $5. The next target could be $2.8, to be exact.

A successful break above that level could push dogwifhat to $3.7. Once memecoin breaks through that mark, the path to $5 could become clearer. However, not everything is going well for memecoin.

For example, the Relative Strength Index (RSI) is about to enter overbought territory. If that happens, a price correction would not be surprising.

In case of bear market dominance, WIF could drop to $1.9 again.

#tintucbitcoin #Write2Win #MarketDownturn #BinanceTurns7 #AirdropGuide