Original text: https://0xzx.com/zh-tw/2024100807174969637.html

The price of Dogwifhat (WIF), currently trading close to the $3 breakout point, is up 13% today, making it one of the best-performing cryptocurrencies. Market interest in the coin has risen since its two-week return as trading volumes have increased significantly. Positively weighted sentiment on WIF and the Ichimoku cloud indicator suggest a bullish trend, predicting a breakout of $2.82 and a rise to $3.22 in the near term. However, if it fails to break above the overhead resistance, the price could retrace to $2.30.

The price of Dogwifhat (WIF) is on the verge of a potential breakout, with price action suggesting it could breach the $3 mark. Today, the price of WIF is up 13%, making it one of the best-performing cryptocurrencies in the past 24 hours.

With traders keeping a close eye on its moves, indicators are hinting at its continued upward trajectory. This analysis explores the technical patterns supporting this bullish outlook and the key levels to watch.

Dogwifhat trading volume rises with price

At press time, WIF was priced at $2.68. In addition to the price increase, the meme coin has also seen a significant surge in trading volume. According to Santiment, Dogwifhat’s trading volume has reached $719.31 million in the past 24 hours, indicating rising interest in the coin as it continues its two-week comeback.

Generally, rising prices with falling volume is considered a bearish signal as it indicates weak liquidity behind the trend. However, the increase in WIF price, coupled with the increase in trading volume, strengthened the current upward trend. In order to continue rising, trading volume needs to continue to climb. If this momentum continues, WIF could rise to $3 or higher.

Dogwifhat volume. Source: Santiment

Additionally, WIF-weighted sentiment, which was previously in negative territory, has jumped into positive territory. Weighted sentiment shows the degree of positive or negative reviews of a crypto online.

When the reading rises, it indicates there are more positive comments than negative comments on social media. Conversely, a negative rating indicates the opposite. Since weighted sentiment for WIF is currently positive, this means demand for the token is likely to increase, potentially pushing the price higher.

WIF Price Prediction: $3 and Above

According to the daily chart, WIF is trading at a much higher price than Ichimoku Cloud. The Ichimoku Cloud is a collection of indicators showing support, resistance, and spot trends. However, cloud is the most important part of all metrics.

Usually, when the price is below the cloud line, the trend is bearish. However, at press time, the cloud chart was below WIF’s price, indicating a bullish trend for the Meme token. If this remains the case, the meme coin’s value could rise above the $2.82 resistance and possibly climb to $3.22 in the short term.

However, if WIF fails to break above the overhead resistance, its price may retrace. In this scenario, the meme coin could drop to $2.30.