Dogwifhat (WIF), a highly popular meme coin on the Solana blockchain, is gearing up for a remarkable rally as its recent price movement indicates a potential upward surge. After experiencing a price correction exceeding 25% over the past week, the WIF daily chart now presents a promising bullish outlook.
Dogwifhat (WIF) Technical Analysis and Upcoming Levels
Expert technical analysis suggests that WIF is on a bullish trajectory with the potential to rally by 18%, reaching the $3 mark in the coming days. During its correction phase, WIF established a descending trendline, and it now appears ready for a potential breakout.
Moreover, the meme coin continues its uptrend as it remains above the 200-day Exponential Moving Average (EMA) on the daily timeframe. This is a positive indicator for traders and investors who are closely monitoring the coin’s performance.
Bullish On-Chain Metrics
WIF’s optimistic prospects are further bolstered by favorable on-chain metrics. Data from the on-chain analytics firm CoinGlass reveals a WIF long/short ratio of 1.089, which indicates a robust bullish sentiment among traders. Additionally, the open interest in WIF has risen by 5% over the past 24 hours and an impressive 12.5% over the past week. This increase in open interest points to heightened trader activity and the establishment of new positions.
The synergy of bullish on-chain metrics and technical analysis strongly suggests that bulls are currently in control of the asset. This dominance is likely to influence the coin’s price positively in the near future.
Current Price Momentum
At the time of writing, WIF is trading around the $2.6 mark, having experienced a price surge of over 5.25% in the last 24 hours. During this same period, its trading volume has skyrocketed by 130%, indicating increased participation from traders and investors. This surge in activity is likely driven by shifting market sentiments.
The overall sentiment in the cryptocurrency market is currently bullish, with Bitcoin (BTC) and other major cryptocurrencies experiencing significant upward movements. This positive market environment could further enhance WIF’s potential for an upward rally.
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