Dogwifhat (WIF) is at a critical turning point as bulls and bears fight for dominance. This ongoing tug-of-war could determine whether the token breaks out to new highs or slips into a deeper correction.
Over the last 30 days, WIF has soared by 150%, capturing the attention of investors. However, despite the rising demand, bearish pressure still lingers in the market.
Price Swings Continue, but the Trend Remains Bullish
After recently peaking at $1.32, WIF saw a pullback to a local low of $0.922. Yet, the token rebounded strongly after testing the $0.93 support level, confirming its upward trend.
🔹 At the time of writing, WIF was trading at $1.048, marking a 12.4% increase in the past 24 hours.
🔹 Weekly performance shows a 13.77% gain, while the monthly increase remains at a staggering 150%, signaling strong upward momentum.
Buyers Are Active – But Mixed Signals Persist
Investor activity has picked up significantly. In the last 24 hours, buyers accumulated over 25.8 million WIF tokens, while sellers offloaded 19.64 million. This creates a net positive delta of 6.18 million tokens.
📈 This suggests that buyers are currently dominating the spot market, playing a key role in WIF’s recent price recovery.
Meanwhile, long positions make up 68% of futures trading, compared to just 31% short – indicating that most traders expect further price gains.
Market Signals Remain Conflicted
Despite the price rally and spot buying strength, WIF is experiencing heavy sell pressure across exchanges. There’s more WIF flowing into exchanges than being withdrawn, a signal that could point to upcoming selling.
📊 The net spot inflow recently reached $5.09 million, confirming that significant token volumes are being sent to exchanges, likely in preparation to sell.
RSI Shows Weakness – But a Reversal Is Possible
At the time of analysis, the Relative Strength Index (RSI) was below its moving average — sitting at 63, while the MA hovered around 68. This indicates bearish momentum, even as prices remain elevated.
However, if RSI turns upward and buyers continue to outpace sellers, WIF could gain renewed strength and break above the 200 EMA, which currently lies near $1.28.
What’s Next for WIF?
🔹 If buying momentum continues and RSI moves above its moving average, WIF could rally toward the $1.28 resistance zone.
🔹 But if bulls lose steam and sellers keep up the pressure, a pullback to $0.84 becomes more likely.
Dogwifhat is now in a decisive phase, where any shift in momentum could trigger a bullish breakout or a return to lower support levels.
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