Dogwifhat (WIF) bulls have accelerated their movements as the meme token recorded double-digit growth in recent days. WIF has broken above a bullish formation, potentially leading to further growth in the coming days. According to CoinMarketCap, WIF investors are having a good week as the meme token’s price showed a healthy 20% increase over the past seven days.
Expert Commentary on WIF
With WIF’s value increasing by 8%, bulls have exerted more pressure in the last 24 hours. At the time of writing, Dogwifhat is trading at $3.11 with a market cap of over $43.1 billion, making it the 38th largest cryptocurrency. The recent price increase also allowed the meme token to break above its symmetrical triangle pattern.
A popular cryptocurrency analyst, Captan Faibik, recently highlighted this development in a tweet. The tweet noted that WIF had consolidated within the formation for the last 80 days before the breakout, which could soon lead to an 80% to 90% bull rally.
Meanwhile, Lookonchain recently shared a tweet indicating high buying pressure on the meme token. According to the tweet, a whale spent 17,966 SOL worth $2.98 million to buy 953,177 WIF at $3.13. This whale had previously spent 1 million USDC to buy 355,417 WIF at $2.81 on May 21.
Current Data on WIF
Despite the price increase and buying pressure, the sentiment around the meme token continued to trend downward as the weighted sentiment entered the negative zone. Its social volume also remained low, reflecting a decline in WIF’s popularity. The good news for the meme token is that as its price rises, open interest is also moving in a similar direction.
The mentioned metric represents the total number of active positions in a specific token. An increase in the metric usually indicates that the ongoing price trend may continue. However, the metric recorded a slight decline in the last few hours. The Chaikin Money Flow (CMF) is showing a bearish trend while standing below the neutral mark. Additionally, the Money Flow Index (MFI) continued to support buyers as it moved northward.
