- WIF is up 7.3% over the past month.
- Analysts expect a record high of $10.
dog hat [WIF]the fourth largest memecoin by market capitalization has seen strong upward momentum over the past month. At the time of writing, the memecoin was trading at $1.58. This marked a decline of 0.97% over the past day.
Previously, WIF was in an uptrend. Over the past week, the stock has risen 5.07%, extending a month-long streak of gains. As such, it is up 7.3% over the past month.
Despite these gains, WIF remains 22.17% off the recent local high of $2.03 and 67.42% off the March 2024 ATH.
Therefore, WIF’s resilience to experience a month-long uptrend has analysts speaking. Cryptoscope is one of them, with popular crypto analysts eyeing a new high of $10, citing the current accumulation.
The prevailing market sentiment
In its analysis, Scoop called the accumulation sufficient to strengthen the memecoin for further gains.
Source:
According to the analysts, what is happening in the market is not redistribution but accumulation. He states that he expects a breakout from this trend, which will trigger a strong bull run.
In this context, reaccumulation occurs when whales and institutions make purchases during market consolidation in anticipation of another upward movement. This is usually seen in a bullish market phase where consolidation acts as a pause before the trend continues upward.
Thus, this suggests that the price is in a position to break upwards from the current consolidation range.
What WIF graphs indicate
As the analysts noted, WIF was on a strong rebound. Current market conditions could therefore allow WIF to make further gains.
Source: Santiment
For example, Dogwifhat’s funding rate, aggregated by exchange rate, was largely positive last week.
When the funding rate, aggregated by exchange rate, is positive, it indicates that long positions are paying short to maintain their trades. This indicates greater demand for long positions compared to short positions.
Such market behavior is perceived as bullish as investors show confidence towards the memecoin.
Source: Coinglass
Moreover, this phenomenon is further supported by the positive OI-weighted funding rate. As such, a positive OI-weighted value indicates greater demand for long positions. This is another bullish signal.
Can WIF gather?
Source: Tradingview
As WIF enjoys favorable market conditions, WIF’s Advance-Decline Ratio (ADR) is high at 4.91 at the time of writing. This indicates strong bullish sentiment where the memecoin’s gains outweigh its losses.
Realistic or not, here is the market cap of WIF in terms of BTC
Therefore, if current conditions persist, WIF will break out of the descending trendline at $1.78.
A breakout from this level will strengthen the memecoin and reach $2.68. Although the analysts offer a positive outlook, $10 is a far-fetched target.
Credit : ambcrypto.com
