- WIF has surged by 150% over the last thirty days.
- Despite rising demand, bearish sentiment still exists in the market, creating a mismatch.
Since hitting $1.32 days ago, dogwifhat [WIF] has struggled to keep an upward momentum. After the uptick, the memecoin declined to hit a local low of $0.922.
However, the trend has reversed on the daily charts, with WIF successfully testing the $0.93 support level and making a strong rebound.
At the time of writing, dogwifhat was trading at $1.048, reflecting a 12.4% increase in the past 24 hours.
This bullish momentum extends across broader timeframes, with the price up 13.77% weekly and 150% monthly.
Strong market demand further reinforces the uptrend, as investors continue to show confidence in WIF’s prospects.
Source: Coinalyze
AMBCrypto observed the rising demand for the memecoin as buyers are increasingly active in the market.
Over the past day, dogwifhat buyers have scooped up 25.82 million. At the same time, sellers have offloaded 19.64 million tokens, leaving 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.
Source: Coinalyze
Most buyers are entering the market with long positions, indicating strong bullish sentiment.
According to Coinalyze 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.
Is dogwifhat strong enough for a rally?
Although spot volume is higher than selling volume and dogwifhat has made a strong upswing on its price charts, there’s a strong mismatch with activities on the exchange.
As such, across exchanges, WIF is experiencing strong sell pressure with more inflows than outflows. According to data from CoinGlass, the spot netflow has turned positive again, reaching $5.09 million over the last days.
Source: CoinGlass
Thus, although buyers are active, the amount entering exchanges is still high. This is further evidenced when we look at dogwifhat’s RSI.
At press time, the memecoin’s RSI was sitting below its MA at 63, while the MA was around 68. These suggest that bearish sentiments are strong in the market.
Source: TradingView
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.
