Dogwifhat (WIF) has been on an unstoppable roll, with a 12% surge for the second day in a row. The meme coin has broken past the $4 mark, and if it closes above it, it could confirm a bullish breakout, potentially driving the price to new highs above $5 by the end of the month.

Dogwifhat's Market Dominance

The WIF price rally has been remarkable, with 30% gains over the past week and over 40% gains over the past month. On-chain indicators suggest strength for Dogwifhat, indicating that the bullish momentum is likely to continue.

WIF's Performance

In the past seven days, $WIF has demonstrated remarkable performance, being 15 times stronger than $ETH. This outperformance is reflected in multiple key metrics. Over the past 30 days, $WIF saw a 6.7% increase in the number of token holders, indicating that investors are buying the dip. Additionally, $WIF had more buyers than sellers, with a buyer/seller ratio of 1.15 during this period. The token also experienced a positive net flow, with $162 billion in buying volume compared to $158.8 billion in selling volume, per data from Dune Analytics.

New ATH for WIF?

After breaking above a decisive symmetrical triangle, the Dogwifhat price surged more than 30%, nearing the $4 mark, just 12% shy of its all-time high. Given the current market trend, it seems the bulls maintain a strong hold on the rally, potentially driving the price to test the current ATH soon.

Market Sentiment

The recent surge helped the rally test a key resistance level, surpassing the range over the past few days. However, the RSI indicates some bearish divergence as it approaches the upper threshold, suggesting a possible minor pullback before a confirmed breakout above the range. As long as the $WIF price stays above $3.55, the bullish momentum is not entirely exhausted.

Conclusion

To confirm a bullish breakout near the current ATH of approximately $4.65, the price needs to close the daily trade above the ascending trend line around $4. Market sentiment continues to favor crypto, with volume remaining under bullish influence. Consequently, the $WIF price is expected to stay elevated in the coming days. By the end of the month, the price could initiate a fresh bullish push towards new highs above $5. Moreover, the open interest for WIF recently surged hinting at investors building long positions.