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Dogwifhat (WIF) Skyrockets 20% in Volume Amid Price Slump

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Fri, 21/06/2024 - 14:58
Dogwifhat (WIF) Skyrockets 20% in Volume Amid Price Slump
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Dogwifhat (WIF) is showing no signs of gains in terms of price. However, the good news for its holders is that other indicators are giving bullish signals. Per CoinGlass, the trading volume of WIF has skyrocketed 20% over the past day. With this surge, its volume is standing at a whopping $879.75 million.

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If we break it down, around $500.89 million of the total volume came from crypto exchange Binance and $166.40 million from Bybit, among others. This shows us that WIF has been seeing rising trading activity across multiple platforms.

But the most important thing to note here is that traders are showing interest in this meme coin even though its price is currently in a bullish phase. Traders are optimistic about Dogwifhat because they may be trying to buy the lows.

Moreover, the coin has a history of huge rallies, so these traders may be anticipating another price rally from WIF. Whatever the reason is, the rising trading activity is a positive sign for WIF, which may help it to overcome this bearish phase.

WIF price outlook

As of this publication, the Dogwifhat price has plummeted 13.16% to $1.84. Additionally, the price has fallen 34.40% over the past month. This shows how bears have gained control over the sentiment, as seen in the broader crypto market.

However, there is hope left for the Solana-based meme coin. Per TradingView, the current RSI of WIF is 30.39. An RSI below 40 indicates that the coin is in an oversold market condition. Hence, Dogwifhat’s current RSI is showing that there is a potential for a price gain in the short term.

Considering the surge in volume and the current RSI level, one can assume that the outlook for WIF is not bleak. Meme coins like WIF have always shown their potential with massive price rallies. While volatility is expected, WIF still has the potential to rebound from its current levels.

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