dogwifahat price rises 17% in 24 hours: Can WIF bulls hit $5 next?

• Market sentiment around memecoins has turned bullish.
• There were opportunities for a price correction as WIF’s RSI was about to enter the overbought zone.

dogwifhat [WIF] He has shown great performance over the past 24 hours. This has also allowed the memcoin to move towards a new target. Therefore, AMBCrypto planned to evaluate the data on the memecoin chain to figure out its next move.

Duguivat explodes

Coin Market Cap Data It revealed that WIF bulls performed very well over the past 24 hours as they pushed the memecoin price higher by more than 18%.

At the time of writing, WIF is trading at $2.65 with a market capitalization of over $2.6 billion, making it the 35th largest cryptocurrency.

Thanks to this latest price increase, memecoin sentiment has entered positive territory once again. Whenever this happens, it indicates that bullish sentiment around the asset is high.

However, this had no effect on the dog’s own dominance, which has remained relatively low over the past few days.

Source: Santiment

Although social dominance remained low, rising prices pushed WIF towards a new target. World Of Charts, a popular cryptocurrency analyst, published a tweet Uncover this development.

According to the tweet, Duguevat broke through another trend line. The recent breakout suggests that memecoin may next target $5 in the coming days.

Upcoming WIF goals

AMBCrypto then took a look at dogwifhat’s on-chain metrics to see if they supported the possibility of targeting a $5 memecoin.

According to our analysis of Santiment data, after the decline, WIF trading volume increased in the past few hours, serving as a basis for a bullish rally.

In addition, open interest for WIF has also increased. A rise in the gauge indicates that the chances of the ongoing price trend continuing are high.

Source: Santiment

WIF’s MACD technical indicator has shown a bullish upper hand in the market. If the uptrend continues, it will be important for WIF to clear a few more resistance areas before targeting $5. To be precise, the next target could be $2.8.

A successful break above this level could push the price to $3.7. After the memecoin jumps above that mark, its path towards $5 may become clear. However, not everything was in favor of the memecoin.

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For example, the Relative Strength Index (RSI) was about to enter the overbought zone. If that happens, it would not be surprising to see a price correction.

In the event of a bearish takeover, WIF may fall back to $1.9.

Source: Trading View