Dogwifhat (WIF) has once again climbed to the top of the meme coin leaderboard after gaining 182.5% in the past month.
Solana meme coins have been favored during what seems to be the beginning of a new bullish cycle and WIF has emerged as one of the biggest winners.
A short squeeze could be the main cause for this significant uptick as the market was too heavily one-sided by the end of April.
Meme coins like WIF and Pudgy Penguins (PENGU), whose price has nearly tripled in the past 30 days, were the primary targets of short sellers this year.
As prices climbed, thousands of short orders were blown up in the process, triggering some frantic buying pressure on the most heavily sold tokens like WIF.
Dogwifhat Price Forecast: WIF Sees Significant Selling Pressure at $1.325
WIF has gone up by 1.4% in the past 24 hours and trading volumes currently sit at $523 million, accounting for nearly half of the token’s circulating supply.
Looking at the hourly chart, we can see that the Dogwifhat price topped at and was heavily sold once it got to $1.325. Since then, the price has been making a series of lower highs, indicating the beginning of a downtrend.
WIF has not decisively broken its bullish structure as it has been jumping up and down its second highest high at around $1.13. Hence, the latest price action could be categorized as a consolidation rather than a downtrend.
Meanwhile, the price action bounced off the $1 level during the Asian session today and may have pulled a bear trap. This is a bullish indication that could result in significant gains in the near term for WIF.
Trading volumes were high as the price touched the 200-hour exponential moving average (EMA), making this the key support to watch down the road if the price pulls back again.
WIF has broken its trend line resistance but still needs to climb above $1.15 at least to confirm a bullish outlook. If it does, the price could retest its local high of $1.35 and could move higher if it breaks out above it.
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