- WIF jumped 50.77% in a week.
- Dogwifhat came out of a one -month -old channel, signaling the possibility of additional gains.
Dogwifhat (WIF) came out of a triangle descending several months after publishing gains for three consecutive days. In the past 24 hours, WIF joined $ 0.508 to a monthly summit of $ 0.612.
At the time of the press, the same was negotiated at $ 0.6057, which made a daily increase of 17.74%. WIF increased by 50.77% per week, with an extension of 8.7% of its monthly earnings.
The recent price pump shows a new interest and a request for WIF in the middle of a growing frenzy of the same. With massive gains, the question is whether Dogwifhat can keep them at higher levels.
Can Dogwifhat undergo recent gains?
According to Ambcrypto’s analysis, Dogwifhat experienced a strong upward dynamic at the time of the press while buyers dominated the market. In particular, the RSI of the same jumped 70 against 41 in four days.
The increase in RSI at such extreme levels reflects a massive purchase pressure with buyers in total market control.
That said, while 70 signals in the exaggerated territory, RSI often climbs to 80 before the markets become sufficiently overheated for a correction.
Source: tradingView
In the midst of this purchase activity, the upper momentum has strengthened with the Directional Movement Index (DMI) which reached a 6 -month summit of 37.
With + di rising while -Di remains low, it signals a strong ascending dynamic, confirming the potential of the current trend to continue.
Source: Coringlass
Accumulation increases through exchanges
Looking further, on short deadlines, in particular on time cards, Dogwifhat has experienced a massive accumulation. In fact, the Netflow Heatmap has remained negative in all the main exchanges within said time.
For example, on Binance, Netflow fell to -451.9K, signaling the increase in purchase pressure with more outputs than inputs.
Source: Santiment
These buyers entering the market mainly take strategic positions, most of them went for a long time.
In fact, Dogwifhat sees a positive financing rate associated with exchanges. This metric has become positive again after falling on a negative territory the day before.
A positive financing rate indicates a higher demand for long positions, which suggests that investors are optimistic and expect more gains.
In simple terms, the momentum of Dogwifhat remained firmly in favor of the Bulls.
If buyers continue to dominate, WIF could climb to $ 0.79. However, if the request fades as quickly as it appeared, a decline in $ 0.54 remains on the cards.
