Dogwifhat (WIF) Skyrockets 26%, Is $2.4 the Next Target?

After a massive fall in the cryptocurrency market,  it now appears to be recovering. Amid this ongoing recovery, the world’s biggest cryptocurrencies Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have experienced a price surge of 4%, 4.5%, and 8% respectively in the last 24 hours. Meanwhile, the popular Solana-based meme coin Dogwifhat (WIF) has gained massive popularity among investors and traders as it surged more than 26% in the same period.

WIF technical analysis and key levels 

With this massive 26% gain WIF tops the crypto market along with the crypto meme industry. The potential reason behind this massive price surge is the bullish chart and price action of SOL and WIF on a daily time frame.

According to expert technical analysis, WIF is looking bullish and making a reversal from its crucial support level. However, on a daily time frame, WIF forms a bullish double-bottom pattern along with bullish divergence. Whereas, Relative strength is in oversold territory which also signals a bullishness. 

If WIF on a daily time frame gives a strong candle closing above $2 then in the coming days there is a possibility that it may hit the $2.4 level or even more. Whereas, the open interest (OI) of WIF indicates that the interest and confidence among the investors and traders are at a peak as it surges nearly 30%, according to an on-chain analytic firm CoinGlass. Which also attracts more traders in it.

WIF price-performance analysis

As of now, WIF is moving near $2, and in the last 24 hours, it surged more than 26%. Whereas, the price surged from $1.59 to $2.01 level in less than 24 hours. Despite a massive price surge, WIF 24-hour trading volume remains 1% down, which potentially happens due to the bearish market sentiment.

If we look at the performance of WIF over a longer period, in the last 7 days it experienced a 4% downside move. Whereas, in the last 30 days besides a massive price surge in 24 hours WIF is still down by 40%.

Besides WIF, other top meme coins have also performed well in the last 24 hours. Top meme coins including Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Bonk (BONK) have experienced a massive price surge of over 14%, 16%, 15%, and 17% respectively in the same period.