- Market sentiment surrounding Memecoin has turned optimistic.
- There was a possibility of a price correction as WIF’s RSI was about to enter overbought territory.
dogwifehat (WIF) It has performed impressively over the last 24 hours. This also allowed Memecoin to move towards new goals. Therefore, AMBCrypto planned to evaluate memecoin’s on-chain data to figure out its next move.
dogwifehat is popping out
According to data from CoinMarketCap, WIF bulls have performed very well, pushing the memecoin price by more than 18% in the last 24 hours.
At the time of this 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 price increase, Memecoin’s weighted sentiment has entered positive territory again. Whenever that happens, it indicates high optimism about the asset.
However, this did not affect dogwifhat’s particular dominance, which has remained relatively low over the past few days.
Source: Santiment
Social dominance was still low, but the price increase pushed WIF towards new targets. Renowned cryptocurrency analyst World Of Charts posted the following: tweet We disclose this development.
According to the tweet, dogwifhat has crossed another trend line. The recent breakthrough indicates that memecoin could target $5 in the coming days.
WIF’s future goals
AMBCrypto then looked at dogwifhat’s on-chain metrics to see if they supported the possibility of memecoin targeting $5.
Santiment’s data analysis shows that after the drop, WIF’s trading volume increased over the past few hours, laying the groundwork for the rally.
Additionally, WIF’s open interest also increased. A rise in the indicator suggests that the ongoing price trend is likely to continue.
Source: Santiment
WIF’s technical indicator MACD was strong in the market. If the uptrend continues, it will be important for WIF to break above a few more resistance areas before targeting $5. To be precise, the next target could be $2.8.
A successful break above this mark could see dogwifhat rise to $3.7. If Memcoin jumps above that mark, the path to $5 could be clear. However, not everything was in favor of Memecoin.
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For example, the Relative Strength Index (RSI) was about to enter overbought territory. When that happens, it’s not surprising to see a price correction.
If a bearish takeover occurs, WIF could fall back to $1.9.
Source: TradingView