Dogwifhat (WIF) price defies gravity in the overnight session even as Bitcoin, Ether, XRP, and other cryptocurrencies dived

Dogwifhat token rally happened as cryptocurrency traders continued to pump it on social media. One trader expects that the token could jump to $3

Dogwifhat (WIF) price defied gravity in the overnight session even as Bitcoin, Ether, XRP and other cryptocurrencies fell. The price of the WIF token rose to $2.50, reaching its highest point since June 17 of this year. It is up almost 60% from the lowest point of the year.

The rise in the Dogwifhat token comes as cryptocurrency investors continue to pump the token on social media. One trader thinks that the token could rise to $3 if it stays above the critical resistance of $2.20.

Technically, the WIF token formed a double-bottom formation at $1.5035, with the neckline of the formation at $2.35. In most periods, a double bottom is one of the most bullish patterns in financial markets. It hints that an asset is failing to find more sellers at lower levels.

WIF price was trading near the $2.35 neckline point, which meant more uptrends could happen soon. This neckline was an important level as WIF has struggled to break below it since April this year.

Also, Dogwifhat's Relative Strength Index (RSI) has broken above the descending trend line connecting the highs since March. In most cases, this is another bullish signal.

Dogwifhat's recovery is taking place in a high-volume environment. CoinGecko data shows that Dogecoin has almost 24-hour volume, considering its higher volume of $752 million.

Dogecoin, which has a theoretical market cap of more than $17 billion, is compared to WIF, which is valued at more than $2.3 billion. It should have a higher volume compared to WIF's volume was also higher than Binance Coin (BNB)'s $458 billion, Toncoin's $265 million, Cardano's $358 million, and Tron's $341 million.

WIF is a meme coin like Pepe and Popcat. There has been more demand for their coins than many mainstream coins such as Cardano and BNB. They also outperformed these coins, which explains why they outperformed.

WIF, for example, is up more than 3,000% from this year's low point, while most major coins are up less than 100%.

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