Dogwifhat (WIF) Memecoin Rebounds 13% in a Day: Is This a Bullish Run?

The Solana-based memecoin project Dogwifhat (WIF) experienced a 13% surge in a single day, reaching a high of \(1.77 on August 6th. This marked a significant rebound after WIF's price had plummeted by 63% from its two-week high of \)2.89. Notably, memecoins’ total market capitalization climbed by 5.3% on August 7th, despite most of the top cryptocurrencies experiencing losses. While WIF’s price rebounded, analysts remain cautious. Anonymous analyst Kyledoops pointed out that WIF is still facing strong resistance on its path to recovery, despite its position as the top altcoin in the Solana ecosystem. Meanwhile, trader CryptoJack views the recent drop below \(1.5 as a "fakeout," with WIF quickly returning to its range. From a technical perspective, BTC's price is forming a V-shaped recovery chart pattern on the daily chart. Two green engulfing candles indicate that buyers are taking control. The \)1.50 mark provides immediate support for the memecoin. The Relative Strength Index (RSI) rose from 27 to 38 between August 5th and 8th, signaling increased buying pressure. Further buying pressure could push the price higher, encountering resistance at the 50-day Exponential Moving Average (EMA) and 100-day EMA at \(2.13 and \)2.34, respectively. A breach above these levels could propel WIF’s price towards the neckline of the current chart pattern at $2.90, representing an 80% increase from the current price. Data from Coinglass reveals that WIF’s perpetual funding rate has turned positive, suggesting a surge in demand for leveraged long positions on WIF. This shift followed a dip into negative territory after a market sell-off on August 5th. A positive funding rate indicates that bulls (buyers) are seeking additional leverage, while a negative rate occurs when bears (sellers) require extra leverage. While the current 0.0066% eight-hour rate equates to a 0.13% cost over seven days, which is not substantial for traders establishing futures positions, the rate could easily exceed 1% per week in the coming days if excessive optimism leads to an imbalance.

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