Dogwifhat (WIF) Hits $0.98 High

Dogwifhat (WIF) experienced a significant price surge, reaching a monthly high of $0.98 before a slight retracement to $0.968. This represents a 13.69% increase from its recent low of $0.82. The memecoin's market cap also saw a boost, rising by 14.2% to $978 million, alongside a 105% spike in trading volume to $500 million.

Key Takeaways

• WIF surged 13.69%, driven by strong buyer momentum and rising futures interest.
• Three consecutive days of positive Buy-Sell Delta indicate a shift in market sentiment.
• Profit-taking activity was observed as the price reached its monthly high.
• The future direction of WIF’s price depends on the balance between buying and selling pressure.

Strong Buyer Comeback

A notable shift in market dynamics is evident. For the first time in over a month, WIF recorded three consecutive days of positive Buy-Sell Delta. On July 10th alone, Coinalyze data showed 17.3 million in buy volume versus 16 million in sell volume. Over the three-day period, cumulative buy volume reached 91.79 million, compared to 89.52 million in sell volume, resulting in a positive Buy-Sell Delta of 2.27 million. This sustained buying pressure suggests buyers are currently dominating the market.

Source: Coinalyze

Futures Market Activity

Santiment data reveals a positive shift in WIF's Funding Rate Aggregated by Exchange. On July 10th, the Funding Rate reached 0.005, indicating a renewed interest in long positions and bullish sentiment among futures traders.

Source: Santiment

Profit-Taking Emerges

The price surge also attracted profit-taking. CoinGlass data shows a spike in Exchange Netflow to $2.73 million during the rally, which has since decreased to $531.6K, confirming significant profit-taking activity. This selling pressure could potentially hinder further price increases.

Source: CoinGlass

Price Outlook

WIF’s MACD currently stands at 0.016, suggesting strong bullish momentum. Continued accumulation could push the price beyond the $1 resistance level, potentially reaching $1.18. However, increased profit-taking could lead to a pullback towards $0.84.

Source: TradingView

Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Investing in cryptocurrencies involves significant risk.