Dogwifhat (WIF) Soars 12% for Second Consecutive Day: Is a New All-Time High on the Horizon?

• Dogwifhat (WIF) price shows bullish momentum, potentially breaking above $4.
• Daily trading volume for WIF crosses $1.5 billion, indicating strong market interest.
• Number of WIF holders increased by 6.7% in the past 30 days.

Dogwifhat (WIF) price surges with bullish momentum, potentially reaching new highs above $5 by the end of the month.

Dogwifhat (WIF) Leads Market Rally

The Dogwifhat bulls don’t seem to be giving up anytime soon, as the fourth-largest meme coin records 12% gains for the second day in a row. The Dogwifhat (WIF) price surged all the way past $4.0 once again with its market cap soaring past $4.0 billion and daily trading volumes jumping by 30% all the way above $1.5 billion.

New ATH for WIF Soon?

The WIF price rally has been unstoppable with 30% gains over the past week and over 40% gains over the past month. Moreover, the on-chain indicators suggest strength for Dogwifhat suggesting that the bullish momentum is likely to continue going ahead.

In the past seven days, $WIF has demonstrated remarkable performance, being 15 times stronger than $ETH. This outperformance is reflected in multiple key metrics. Over the past 30 days, $WIF saw a 6.7% increase in the number of token holders, indicating that investors are buying the dip.

Additionally, $WIF had more buyers than sellers, with a buyer/seller ratio of 1.15 during this period. The token also experienced a positive net flow, with $162 billion in buying volume compared to $158.8 billion in selling volume, per data from Dune Analytics.

After breaking above a decisive symmetrical triangle, the Dogwifhat price surged more than 30%, nearing the $4 mark, just 12% shy of its all-time high. Given the current market trend, it seems the bulls maintain a strong hold on the rally, potentially driving the price to test the current ATH soon.

Conclusion

The recent surge helped the rally test a key resistance level, surpassing the range over the past few days. However, the RSI indicates some bearish divergence as it approaches the upper threshold, suggesting a possible minor pullback before a confirmed breakout above the range. As long as the $WIF price stays above $3.55, the bullish momentum is not entirely exhausted.

To confirm a bullish breakout near the current ATH of approximately $4.65, the price needs to close the daily trade above the ascending trend line around $4. Market sentiment continues to favor crypto, with volume remaining under bullish influence.

Consequently, the $WIF price is expected to stay elevated in the coming days. By the end of the month, the price could initiate a fresh bullish push towards new highs above $5. Moreover, the open interest for WIF recently surged hinting at investors building long positions.