币界网报道：dogwifhat [WIF] has broken out of a month-long downtrend, gaining more than 21% in the past 24 hours. The meme coin rebounded from lows of $0.63 to close at $0.8325 on June 23 after holding onto support at $0.60. In fact, the rally was accompanied by a sharp rise in both price and volume. As of writing, WIF is trading at $0.8607, up more than 22% in a day, and up 89.99% on daily volume of nearly $581 million, according to CoinMarketCap. Is buying the dip in play? The recent rise suggests a shift in sentiment and renewed demand amid the broader cryptocurrency market recovery. As the market begins to recover, buyers are entering the market to buy the dip, leading to an increase in buying pressure. According to Coinalyze, on June 23, WIF saw $67.89 million in buying volume, while $61.75 million in selling volume. Of course, this in turn led to a positive Delta of $6.14 million, the first rise in a week. For the uninitiated, a positive Delta and higher buy volume reflects strong demand, with buyers in control of the market. This assertion holds true when we look at exchange net flows. According to CoinGlass, spot exchange net flows turned negative at -1.13 million, confirming that more WIF was withdrawn than deposited. Yes, that’s a classic sign of accumulation. What do WIF futures say? Most importantly, WIF’s open interest (OI) surged 33.3% to $333 million. Rising open interest with rising prices usually reflects the inflow of new capital to support the trend. Interestingly, positioning indicates bullish conviction. In fact, this bullish sentiment in futures can be evidenced by the positive Funding Rates, which shows that investors are mostly long. Therefore, more than 70% are long positions, which means that most investors expect more gains. Can WIF retake the $1 resistance level? According to AMBCrypto’s analysis, dogwifhat is experiencing strong upward momentum as buyers make a comeback. But is it enough to retake the $1 mark? First, the relative strength index (RSI) climbed to 50.91, surpassing its 14-day average. The crossover here means that now buyers have the upper hand in the market and are slowly replacing sellers. Looking at the meme coin’s Stochastic RSI, it has seen a more significant rebound, rising from 24.68 to 53.20 in 48 hours. This surge in Stoch suggests that strong upward momentum is building and it is likely to continue. If the momentum holds and the buyer interest continues, WIF could retake the $1 mark this week. That said, a failure to cleanly break through $0.86 could result in a pullback to $0.79, which is its nearest support area.