Dogwifhat (WIF) has emerged as one of the standout performers in the recent meme token rally. Despite the bullish market, the price of the Meme Token fell sharply last week, raising questions about the reliability of its rally. WIF has surged by a massive 13.70% in the last 24 hours. The Meme Token has managed to break through the $3.5029 resistance level and is trading at $3.7841 at the time of writing.
Potential retest areas for WIF

If the bullish momentum around WIF continues to grow, it could retest the previously reached level of $4.857. At the time of writing, the coin’s relative strength index (RSI) was 56.40, indicating that the price action could be relatively balanced. In addition, the CMF changed from -0.2 to -0.03, indicating growth.

Although the CMF remains negative, this could indicate that selling sentiment has become less pronounced. This could mean that selling pressure on WIF is easing, potentially signaling stabilizing or more balanced market conditions. Social activity will also play a major role in determining the future price of WIF.

WIF in analytical reports

According to data from cryptocurrency analytics firm Santiment, the token’s social volume has dropped significantly. This suggests that WIF’s popularity on social media platforms is waning. Additionally, the shift in the weighted sentiment indicator toward positive sentiment suggests that the number of positive comments is beginning to outnumber negative ones.

Additionally, the cryptocurrency analyst noted that as of the time of writing, liquidations worth about $970,000 have occurred. Shorts bore the brunt of this move, losing $592,780. Despite the liquidations, shorts remain skeptical of WIF’s price action. According to Coinglass data analysis, WIF’s short position ratio is 51.6%.