The price of a meme-inspired cryptocurrency Dogwifhat ($WIF) could keep on rising in the near future after seeing a surge of more than 20% over the past week, with a key technical indicator now flashing a buy signal amid a wider cryptocurrency market recovery.

According to a chart shared by popular cryptocurrency analyst Ali Martinez on the microblogging platform X (formerly known as Twitter), the TD Sequential – which has been “spot on in predicting” WIF’s price trend — is now showing a buy signal.

Per the analyst, the signal appeared on the four-hour chart and anticipates a price rise to the $3.8 mark, up from WIF’s current $3.5 level.

The TD Sequential indicator was developed by Tom Demark, and is  used to identify the exact time of trend exhaustion and potential points of reversal. It involves counting a series of price bars and comparing them to previous price bars to find exhaustion points.

 A buy signal in the TD Sequential indicator appears when the series indicates that the downtrend is likely exhausted and a reversal to an uptrend is probable. This typically happens after a countdown of 9 bars, where each bar closes lower than the bar four periods earlier.

WIF was one of the meme-inspired cryptocurrencies based on the Solana ecosystem that saw its value skyrocket over this year, with some smart (and lucky) traders reaping massive profits from the rise of these memecoins.