dogwifhat's perpetual market volume jumped 128% to above $190 million, with buyers outnumbering sellers on seven of the top 10 exchanges trading WIF. The token has broken out of a descending triangle and is now testing a supply zone that has rejected price four times, with $0.25 to $0.26 as the next target if it breaks through.
dogwifhat [WIF] has surged past $190 million in perpetual market volume, up over 128%, according to CoinGlass. The rally is being driven by demand across multiple exchanges, mostly in the perpetual market.
Traders recorded higher buying volumes than selling volumes on seven of the top 10 exchanges where WIF trades, including Binance, Bybit, KuCoin, Gate, and Hyperliquid. This is net positive for the price and could support further upside.
Binance and Hyperliquid currently hold the largest open interest at $16.30 million and $15.44 million, respectively. Funding rates are positive on both exchanges, and buying volume is rising, which could keep the rally going.
Can momentum overcome supply pressure?
The rally follows WIF's exit from a descending triangle pattern on the chart. As a result, the token has pushed into a structural supply level that has rejected the price four times, an area that tends to contain major sell orders capable of forcing the price lower.
If WIF breaches this level, it could see a swing toward $0.25 to $0.26, which currently represents a key price target. When a supply zone is tested multiple times, it often weakens because most sell orders at that level have already cleared. If that holds here, WIF could have a high chance of rallying past the zone and reaching the target.
Bullish structure, but overbought risk looms
The market structure remains bullish. The Chaikin Money Flow, which measures buying and selling pressure through volume, shows buyers dominating, with a reading of 0.20 and pointing upward — a sign that buying volume continues to outweigh selling pressure.
However, traders should stay cautious, as the Relative Strength Index is pointing to aggressive buying. The indicator has crossed above the 70 mark, and such momentum is typically difficult to sustain over the long term, so a decline can follow.
There is no fixed timeline for when a pullback could occur. The RSI only signals that the market is highly bullish, and a decline could arrive in the short to near term. For now, traders could maintain a bullish stance, but selling pressure appears to be looming.
Source: AMBCrypto
Trading involves risk.
Risk Disclaimer
