- WIF made a strong comeback with a 79% surge in trading volume and a 13.33% hike in price
An analyst is eyeing a sustained rally to a ATH past $8.7
As a seasoned researcher who has witnessed numerous market fluctuations and cycles over the years, I must admit that the recent surge in Dogwifhat [WIF] trading volume and price hike piqued my interest. It seems like we might be on the verge of another interesting chapter in this memecoin’s journey.
In simple terms, DogeWhiz (WIF), the most prominent meme coin built on the Solana network in terms of market capitalization, has experienced a notable surge in its price recently. As we speak, it’s being traded for approximately $1.85 on various trading platforms.
In just the past 24 hours, there was a significant increase of 13.33%. But before this surge, WIF had been trending downwards. Over the last fortnight, it reached its lowest point at $1.07.
As a researcher examining the memecoin’s performance, I find that while it has experienced some significant increases lately, its current value is still significantly lower than its May peak at $4.07, representing a 60.7% decrease from its all-time high of $4.8. This prompts me to ponder if these recent gains set the stage for even greater growth in the future.
As per SJLTrading, a well-known cryptocurrency analyst and dealer, it appears that Dogwifhat (WIF) could potentially be entering the preliminary phase of Wave 3 within the Elliott wave pattern’s impulsive cycle.
Prevailing market sentiment
According to SJLTrading’s examination, they pointed out a particularly important indicator that could indicate a potential surge for WIF.
As per the analyst’s viewpoint, the WIF (Whatever Its Function) has established a robust and impulsive Elliott wave pattern. This pattern fortifies the memecoin, making it more likely to exhibit strong price movements during its final wave 5.
As someone who has closely followed the cryptocurrency market for several years now, I can confidently say that WIF (Web Interface Finance) might witness a substantial bullish trend in the near future. From my observations, the final thrust in any trend is often fueled by a positive market sentiment and momentum. This could potentially lead to further significant gains for WIF, making it an exciting investment opportunity for those who are willing to take calculated risks. However, as always, it’s important to remember that all investments come with inherent risks and it’s crucial to do thorough research before making any investment decisions.
In simpler terms, SJlTrading suggests that the memecoin WIF might be starting its third wave following a 1-2 setup. The early part of this third wave indicates it’s in the most powerful and extended phase of the Elliot wave pattern. This typically means a strong and swift price increase is likely, suggesting positive momentum for the coin.
Given this comparison, it’s plausible that WIF could reach around $8.7, potentially growing further if the buying enthusiasm continues.
Is WIF set for a rally?
Although SJLTrading’s analysis appears optimistic, it’s crucial to consider other indicators as well for a comprehensive understanding.
Initially, following the stock market drop on August 5th, the number of liquidations for long positions has significantly decreased from $3.7 million to just $218 as of now. This suggests that investors are becoming more optimistic about the future trajectory of the memecoin.
Despite a drop in WIF‘s price during this timeframe, investors holding long positions have had to pay more to maintain them. Conversely, the number of short position closures has increased significantly, reaching approximately $2 million within the last 24 hours. This suggests that those who were betting against the market were compelled to sell off their positions.
Additionally, Open Interest climbed over the last 24 hours from $213 million to $236.6 million.
Investors are currently starting new investments, while keeping their existing ones, suggesting they’re optimistic about the potential success of WIF in the near future – a sign of a positive market outlook.
Given the current market mood persists, it’s possible that WIF could exceed the lower boundary of the falling trendline at approximately $1.96. Overcoming this resistance point might boost its strength enough to test the resistance at $2.3.
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2024-08-24 21:12