dogwifhat soars 22% in a day – WIF could hit $1 soon, IF…

• dogwifhat Buy Volume surpassed $67 million, flipping Delta positive for the first time in a week.
• RSI and Stoch RSI both showed bullish crossovers, pointing to growing upside momentum among traders.

dogwifhat [WIF] broke out of its month-long downtrend, jumping over 21% in the last 24 hours.

The memecoin rebounded from its $0.63 low, closing at $0.8325 on the 23rd of June, after holding the $0.60 support. In fact, this rebound came with a sharp surge in price and volume.

At the time of writing, WIF was trading at $0.8607, up over 22% in a day, with daily trading volume nearing $581 million – an 89.99% jump, per CoinMarketCap.

Buy the dip in action?

The recent uptick signals a shift in market sentiment and newfound demand amid wider crypto market recovery.

As the market started to recover, buyers entered the market to buy the dip, resulting in higher buying pressure. 

Source: Coinalyze

According to Coinalyze, WIF recorded a Buy Volume of $67.89 million on the 23rd of June against a Sell Volume of $61.75 million.

Of course, this in turn resulted in a positive Delta of $6.14 million, the first such uptick in a week.

For the unaware, a positive Delta and higher buy volume reflect strong demand, with buyers taking control of the market.

That narrative checks out when we look at Exchange Netflows.

Per CoinGlass, spot Exchange Netflow flipped negative by -$1.13 million, confirming more WIF was withdrawn than deposited. Yes, that is a classic sign of accumulation.

Source: CoinGlass

What are the WIF Futures saying?

On top of that, WIF’s Open (OI) Interest soared 33.3% to hit $333 million.

Rising OIt paired with rising price generally reflects new capital flowing in, to support the trend.

Source: Santiment

Interestingly, the positioning suggests bullish conviction.

In fact, this bullishness in futures is evidenced by a positive Funding Rates, suggesting that investors are mostly going long.

As such, there are over 70% of long positions, implying that most investors anticipate more gains. 

Can WIF reclaim the $1 resistance?

According to AMBCrypto’s analysis, dogwifhat is experiencing strong upward momentum as buyers make a comeback. 

But is it strong enough to reclaim the $1 mark?

For starters, the Relative Strength Index (RSI) climbed to 50.91, crossing over its 14-day average.

A crossover here means that now buyers have the upper hand in the market and are slowly displacing sellers. 

Source: TradingView

Looking at the memecoin’s Stochastic RSI, it saw a sharper bounce, rising from 24.68 to 53.20 over 48 hours.

Such a spike in Stoch indicates that a strong momentum to the upside is building and could continue. 

If momentum holds and buy-side interest sustains, WIF could revisit the $1 mark this week. That said, failure to break $0.86 cleanly could cause a pullback toward $0.79, its most recent support zone.