Dogwifhat (WIF) defies the bears and soars to the top of CoinMarketCap's gainers list

As of this writing, this dog-themed token has increased by 13.12% over the last 24 hours, reaching a price of $1.92.

Dogwifhat (WIF), a meme token, managed to overcome the bearish headwinds and soared to the top of CoinMarketCap’s gainers list today.

At the time of writing, the dog-themed token has soared 13.12% in the last 24 hours, reaching a price of $1.92. This marks a 25.58% growth in the last seven days, indicating a major bullish trend for the coin.

The tremendous momentum has attracted attention from investors, especially after Dogwifhat dropped over 70% from its ATH.

Analyst Insights and On-Chain Data Signal Bullish Momentum for WIF

Meanwhile, renowned technical analyst Bluntz has spotted a possible new chapter in WIF’s bullish rally. According to Bluntz, the token successfully broke out of a downtrend line on its daily chart, signaling a possible reversal in its trend.

$wif is a bees dick away from a major -77% downtrend breakout, strap in, are you ready for round 2? pic.twitter.com/QMg7K5Z2Gd

— Bluntz (@Bluntz_Capital) September 24, 2024

This achievement has sparked excitement among traders and fans, suggesting that Dogwifhat’s current surge may be more than just a temporary blip.

Moreover, on-chain data seems to be backing up the technical factor by suggesting that WIF could be set for a sustained surge. According to Coinglass, WIF’s Open Interest (OI) has surged 29.99%, reaching $304.05 million. Such a jump in OI often indicates heightened interest and activity from traders, which can be a precursor to more substantial price movements.

Additionally, the Long/Short Ratio for the last 24 hours is 0.9865, indicating that there are slightly more long holdings than short holdings, suggesting that traders are leaning toward a positive outlook for the token in the near term.

Interestingly, as reported by CNF, WIF was previously covered as one of the tokens projected to skyrocket in September, with predictions estimating a 231% surge to a price of $5.62. This projection fueled excitement around WIF, with many investors eager to see if the token would live up to the hype.

Moreover, as we covered two weeks ago, WIF made headlines when it became one of the top gainers, along with another meme token, DOGS.

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