dogwifhat surges 9.65% in 24 hours: Can WIF hit a 2-month high?

• WIF has surged by 9.65% over the past 24 hours.
• Prevailing market sentiment positioned WIF to make a 2-month high of $2.9. 

dogwifhat [WIF], the fourth-largest memecoin, has made significant recovery on its price charts over the past months. As of this writing, WIF was trading at $1.68, marking a 9.65% increase over the past day.

Additionally, on weekly charts, WIF has surged by 8.95%, completing a month-long uptrend.

Over the past months, the memecoin has surged by 7.30%. Equally, its trading volume has surged by 97.91% to $419.8 million, according to CoinMarketCap.

Since making lower lows of $1.07 on the 5th of August, WIF made a local high of $2.03. Although it had first failed to sustain an upward momentum since the 24th of August, the last week has witnessed a trend reversal.

As such, the current price movement positions the memecoin for a breakout from the descending trendline. A breakout from this level will push WIF to hit recent highs.

Will WIF’s rise continue?

According to AMBCrypto’s analysis, WIF was experiencing a strong uptrend at press time. This upsurge has seen the memecoin challenge a two-month downtrend.

These current market conditions could set WIF for further price gains.

Source: TradingView

dogwifhat’s Aroon Line showed a sustained upward trend, with the Aroon Up at 28.57% sitting above Aroon Down. When Aroon Up records a higher value, it indicates recent highs outweigh recent lows.

When an asset’s Aroon Up is set like this, it confirms an uptrend, as recent price action has experienced higher highs and higher lows.

Source: Coinglass

Additionally, WIF’s OI-Weighted Funding Rate has been positive for the last three days. A positive OI-Weighted Funding Rate implies that investors were holding long positions are paying those in short positions.

This reflected that the majority of traders were expecting prices to rise — this is a bullish signal.

Source: Santiment

Lastly, the memecoin’s Funding Rate Aggregated by Exchange has been largely positive for the last six days.

This further supported AMBCrypto’s previous observation regarding higher demand for long positions than short ones.

Read dogwifhat’s [WIF] Price Prediction 2024–2025

Simply put, WIF is well-positioned to record more gains. If the recent positive market sentiment holds, the memecoin will break out of the descending trendline at $1.71.

A breakout from this level will strengthen WIF to hit a 2-month high of $2.9.