Dogwifhat (WIF) Surges 150% in 30 Days, Buyers Dominate Market

Dogwifhat (WIF) has experienced a significant surge in value, with a 150% increase over the past thirty days. Despite this upward trend, the market remains divided between bullish and bearish sentiments, creating a mismatch in the overall outlook for the memecoin.

WIF reached a peak of $1.32 a few days ago but subsequently declined to a local low of $0.922. However, the daily charts indicate a reversal in trend, with WIF successfully testing the $0.93 support level and making a strong rebound. At the time of writing, WIF was trading at $1.048, reflecting a 12.4% increase in the past 24 hours. This bullish momentum is also evident in broader timeframes, with the price up 13.77% weekly and 150% monthly. The strong market demand further reinforces the uptrend, as investors continue to show confidence in WIF’s prospects.

Observers have noted the rising demand for the memecoin, with buyers increasingly active in the market. Over the past day, buyers have acquired 25.82 million tokens, while sellers have offloaded 19.64 million, resulting in a positive delta of 6.18 million. This suggests that buyers are currently dominating the spot market and have played a key role in the recent price rebound. Most buyers are entering the market with long positions, indicating strong bullish sentiment. According to data, longs currently dominate futures accounts, making up 68%, while shorts account for only 31%. This suggests that the majority of traders expect prices to rise even further.

Despite the strong buying activity, there is a mismatch with activities on the exchange. Across exchanges, WIF is experiencing strong sell pressure with more inflows than outflows. The spot netflow has turned positive again, reaching $5.09 million over the last few days. This indicates that although buyers are active, the amount entering exchanges is still high. The memecoin’s RSI is sitting below its MA at 63, while the MA is around 68. These suggest that bearish sentiments are strong in the market.

With RSI still reflecting bearish bias and sellers remaining active, WIF lacks the strength for a decisive uptrend. However, if speculators continue their recent buying spree and RSI flips bullish, further gains could follow. For WIF to extend its rally, RSI needs to cross its moving average while buyers outpace sellers. If these conditions are met, dogwifhat could surpass its 200 EMA near $1.28. Conversely, if bulls fail to sustain momentum, a retracement toward $0.84 may be likely.