Dogwifhat (WIF) Price Steady, Flips DOGE, Toncoin, BNB on a Key Metric

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 of this year. 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 that the token could jump to $3 if it remains above the key resistance at $2.20.

Technically, WIF token formed a double-bottom pattern at $1.5035 and whose neckline was at $2.35. In most periods, a double-bottom is one of the most bullish patterns in the financial market. It sends hints that an asset has failed to find more sellers at the lower side.

WIF price was trading at the neckline point at $2.35, meaning that more gains could happen soon. This neckline was an important level since WIF struggled to drop below it since April this year

Additionally, Dogwifhat’s Relative Strength Index (RSI) has jumped above the descending trendline that connects the highest points since March. In most cases, this is also 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, a figure that was higher than Dogecoin’s $752 million.

In theory, Dogecoin, with a market cap of over $17 billion should have higher volume than WIF, which is 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, 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%.