Dogwifhat Price Forecast: WIF bulls targeting 35% gains ahead

Dogwifhat (WIF) price hovers around $0.74 on Monday after rallying nearly 16% the previous week. Lookonchain data supports a bullish outlook, showing that the wallet “Ansem” spent $2.3 million USDC to buy 2.97 million WIF tokens on Monday. The technical outlook suggests a bullish divergence on the Relative Strength Index (RSI) indicator, hinting at a bullish reversal ahead.

Dogwifhat shows a bullish divergence in the momentum indicator

Dogwifhat price broke above the descending trendline (drawn by connecting multiple highs since mid-December) on Friday and rose 21% until Sunday. At the time of writing on Monday, WIF trades around $0.74.

If WIF continues its upward momentum, it could extend the rally to retest its psychologically important level of $1, marking a 35% increase from current levels.

The Relative Strength Index (RSI) indicator suggests a strength in momentum on the daily chart. The lower low in the Dogwifhat price formed on February 25 does not reflect the RSI higher high for the same period. This development is termed a bullish divergence, often leading to a trend reversal or short-term rally. Moreover, the MACD indicator also showed a bullish crossover last week, giving a buy signal and suggesting an upward trend.

WIF/USDT daily chart

Lookonchain data shows that the wallet “Ansem” spent $2.3 million USDC to buy 2.97 million WIF tokens on Monday, further bolstering Dogwifhat’s bullish outlook.