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- The Dogwifhat Buy volume exceeded $ 67 million and the Delta turned positive for the first time in a week.
- RSI and Stoch RSI showed bull crossover and pointed to growing momentum among traders.
Dogwifhat [WIF] He broke out from his monthly descending swend and jumped over 21%in the last 24 hours.
MEMECOIN bounced off from a low $ 0.63 and closed to $ 0.8325 23 June after holding support of $ 0.60. In fact, this reflection came up with a sharp increase in price and volume.
At the time of writing, Wif traded for $ 0.8607, which is more than 22% daily, with the volume of daily trading is close to $ 581 million – 89.99% jump, jump, for CoinMarketcap.
Buy immersion in action?
The recent uptick signals a shift in the market sentiment and the newly discovered demand in the middle of a wider recovery in the crypt market.
When the market began to recover, the buyers entered the market to buy a dip, resulting in higher purchasing pressure.
Source: Coinelyze
According to Coinalyze, WIF recorded a volume of $ 67.89 million compared to the sales volume of $ 61.75 million.
This, of course, resulted in a positive delta of $ 6.14 million, the first such increase in a week.
For the unconscious, positive delta and the higher volume of purchase, they reflect strong demand, with the buyers taking control of the market.
This narrative is checked when we look at Exchange Netflows.
On Coinglass, the Netflow spot exchange overrides a negative by -1.13 million dollars, confirmed that more WIF was downloaded than stored. Yes, this is a classic stamp of accumulation.
Source: Coinglass
What do futures wif say?
In addition, Wif’s Open (OI) Interest increased by 33.3%to reach $ 333 million.
The growing OIT in conjunction with rising price generally reflects the flowing new capital to support the trend.
Source: Santiment
Interestingly, the location suggests bull beliefs.
In fact, this bull’s ability in futures is evidenced by positive financing rates, suggesting that investors usually take place.
Therefore, there are more than 70% of long positions, which means that most investors expect more profits.
Can WIF regenerate resistance 1 $?
According to the Ambrpto Dogwifhat analysis, it is experiencing a strong up because the buyer will return.
But is it strong enough to get back the 1 $?
To begin with the relative force index (RSI) climbed to 50.91 and exceeded its 14 -day average.
Crossover here means that now buyers have the upper hand on the market and slowly move the sellers.
Source: TradingView
Looking at the stochastic RSI MEMECOINA saw a sharper reflection and in 48 hours it rose from 24.68 to 53.20.
Such an increase in the stoch suggests that strong momentum upside down is being built and can continue.
If the momentum and interest on the purchase side is maintained, WIF could re -view the $ 1 grade this week. However, this means that this will purely break $ 0.86 could cause a pulback towards $ 0.79, its last support zone.
