Dogwifhat (WIF) price defied gravity in the overnight session even as Bitcoin, Ether, XRP, and other cryptocurrencies dived. The WIF token peaked at $2.50, its highest point since June 17th. It has risen by almost 60% from its lowest point this year.
Dogwifhat token rally happened as cryptocurrency traders continued to pump it on social media. One trader expects the token to jump to $3 if it remains above the key resistance at $2.20.
Technically, the WIF token formed a double-bottom pattern at $1.5035, with a neckline at $2.35. In most periods, a double-bottom is one of the most bullish patterns in the financial market. It hints that an asset has failed to find more sellers on the lower side.
WIF price was trading at the neckline point of $2.35, meaning that more gains could happen soon. This neckline was important since WIF struggled to drop below it since April this year.
Additionally, Dogwifhat’s Relative Strength Index (RSI) has jumped above the descending trendline, connecting the highest points since March, which is usually another bullish sign.
Dogwifhat’s recovery is happening in a high-volume environment. Data by CoinGecko shows that it had a 24-hour volume of almost $900 million, which was higher than Dogecoin’s $752 million.
In theory, Dogecoin, with a market cap of over $17 billion, should have a higher volume than WIF, valued at over $2.3 billion. WIF’s volume was also higher than Binance Coin’s (BNB) $458 billion, Toncoin’s $265 million, Cardano’s $358 million, and Tron’s $341 million.
Meme coins like WIF, Pepe, crypto/bitcoin-casino and Popcat have had more demand than many mainstream coins like Cardano and BNB. They have also done better than these coins, which explains why they have done better.
For example, WIF has jumped by over 3,000% from its lowest point this year, while most big coins have risen by less than 100%.
