In recent days, Dogwifhat (WIF), the thriving meme coin on the Solana blockchain, has captured the attention of the crypto community with an extraordinary price surge exceeding 150%. This impressive growth has, however, been followed by a corrective phase. Currently, WIF appears to have found a solid support level at the renowned 0.618 Fibonacci retracement, often referred to as the golden ratio. In this article, we delve into the current market dynamics and explore potential future scenarios for WIF.
Bullish Indicators on WIF Charts
WIF’s recent stabilization at the golden ratio is a promising development. Furthermore, the coin is gaining additional momentum from Solana (SOL) as it nears its historical peak. Observing the four-hour and daily timeframes, WIF’s charts present a robust bullish outlook, hinting at a potential significant upside rally in the forthcoming days.
WIF Price Prediction for November 2024
Expert technical analysts have noted that WIF has successfully emerged from a bullish flag and pole price action formation. Concurrently, the daily timeframe showcases the development of a bullish engulfing candlestick pattern. Together, these indicators suggest a strengthening bullish momentum for WIF holders, implying a promising upside rally in the imminent future.
Based on recent price actions and historical trends, there is a strong likelihood that if WIF manages to break past the flag and pole pattern and secures a four-hour candle closure above the $3.4 mark, it might ascend by 85% to reclaim its all-time high (ATH) of $6. Presently, WIF is trading above the 200 Exponential Moving Average (EMA) on the daily chart, underscoring a prevailing uptrend. Additionally, WIF’s Relative Strength Index (RSI) indicates a major rally on the horizon.
Bullish On-Chain Metrics
The convergence of WIF’s bullish price patterns and Solana’s upward momentum has piqued the interest of traders, leading to a notable rise in open interest (OI), as reported by the on-chain analytics firm Coinglass. Recent data reveals a 7.5% increase in WIF’s OI over the past 24 hours and a 5.2% rise in the past four hours. This upward trend in OI signifies a growing interest among traders in the meme coin.
Moreover, WIF’s current Long/Short ratio stands at 1.078, which reflects robust bullish market sentiment among traders. The amalgamation of these on-chain metrics and technical analyses suggests that bulls are currently in command of the asset, potentially aiding WIF in reaching its projected targets.
Current Price Momentum
As of the latest update, WIF is trading around $3.32, registering a commendable price increase of over 6.5% in the past 24 hours. During this period, the trading volume has surged by 25%, reflecting heightened trader participation amid this bullish price action.
