Dogwifhat (WIF) has taken the crypto market by storm, rallying 21% in just 24 hours. This surge extends a week-long uptrend, with WIF gaining over 30% despite a generally sluggish market. The sharp price increase is attributed to heightened whale accumulation and increased trading activity, signaling strong investor confidence.
What’s Driving Dogwifhat’s Rally?
The meme coin sector has been gaining momentum in the ongoing altcoin rally, with WIF emerging as a standout performer. Key indicators suggest that bullish sentiment is fueling the surge, as traders anticipate further upside potential.
One critical metric, the funding rate, currently sits at 0.0031% according to Coinglass, indicating that buyers are in control. Meanwhile, open interest has jumped 21% to $252 million, and trading volume has skyrocketed by 188% to $1.44 billion. These figures underscore growing market confidence in WIF.
A Coinotag analyst noted: “The surge in open interest and trading volume indicates a strong bullish sentiment among market participants.”
Key Resistance at $0.798 Before $1 Target
While WIF’s price momentum remains strong, it is facing a crucial resistance level at $0.798. Technical analysis, including Fibonacci retracement levels, suggests that breaking this resistance is essential for WIF to approach the $1 mark.
Market watchers are closely monitoring this level, as successful clearance could push WIF toward key targets of $0.981 and potentially $1.04, where significant liquidity awaits.
Whale Accumulation Strengthens Bullish Outlook
On-chain data highlights increased whale activity, a common precursor to major price movements. In the past 24 hours alone, a whale spent $2.3 million to acquire 2.7 million WIF at an average price of $0.77. Such strategic acquisitions during consolidation phases often indicate institutional confidence in further price appreciation.
Breaking the $0.798 resistance level is critical for WIF’s next leg up. Current trends, including sustained whale accumulation and bullish market sentiment, suggest that WIF could test the psychological $1 barrier soon. If momentum holds, this milestone might be reached in the coming days or weeks, depending on broader market conditions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
Also Read: Dogecoin Defies Market Crash: Is a Breakout Above $0.20 Imminent?
