WIF Price Analysis: dogwifhat (WIF) has showcased impressive performance in the last 24 hours

This also allowed the memecoin to move towards a new target. Therefore, AMBCrypto planned to assess the memecoin's on-chain data to find out its next move.

dogwifhat [WIF] has seen a promising rally over the last 24 hours, which also put the memecoin on the path towards a new goal. Hence, AMBCrypt planned to analyze the memecoin’s on-chain data to identify its next move.

WIF’s breakout moment

CoinMarketCap’s data showed that WIF bulls performed exceptionally well over the last 24 hours as they pushed the memecoin’s price up by more than 18%.

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

This latest price surge brought the memecoin’s weighted sentiment back into the positive territory. A positive weighted sentiment indicates that the bullish sentiment around an asset is high.

However, this did not seem to have an impact on WIF’s special dominance, which remained relatively low over the last few days.

Source: Santiment

Despite the low social dominance, the price surge did put WIF on the path towards a new target. World Of Charts, a renowned crypto analyst, took to Twitter to highlight this development.

According to the tweet, WIF broke out of another trendline. This latest breakout indicated that the memecoin could be next targeting $5 in the coming days.

WIF’s upcoming targets

AMBcrypt then analyzed WIF’s on-chain metrics to assess the possibility of the memecoin targeting $5.

Our analysis of Santiment’s data showed that after a decline, WIF’s trading volume picked up in the last few hours, setting the stage for the bull rally.

Furthermore, there was also an increase in open interest for WIF. A rise in the metric suggests that the ongoing price trend is likely to continue.

Source: Santiment

WIF’s technical indicator, MACD, indicated a bullish presence in the market. If the uptrend continues, it will be essential for WIF to breach a few more resistance levels before aiming for $5. To be precise, the next target could be $2.8.

A successful breakout above this mark could push WIF to $3.7. Once the memecoin manages to climb past that level, its path towards $5 could become clear. However, not all signs were in the memecoin’s favor.

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For instance, the Relative Strength Index (RSI) was nearing the overbought zone. If this occurs, then a price correction should not come as a surprise.

In the event of a bearish takeover, WIF could once again drop down to $1.9.

Source: TradingView

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