As a seasoned crypto investor with a knack for spotting trends and a portfolio that’s weathered more than a few market cycles, I’ve learned to keep my eyes peeled for opportunities that might otherwise slip by. And when it comes to Dogwifhat (WIF), the Solana-based memecoin that’s been on a tear lately, I can’t help but feel a sense of excitement.
As a proud holder of Dogewifhat, the leading memecoin built on the Solana network by market cap, I’m excited to see our recovery gaining momentum since September 8. In just over a week, we’ve seen a remarkable surge of around 112%, rebounding from a low of approximately $1.4 on Sept. 6 to reach a four-month high of $2.97 as of Oct. 16. This uptrend is truly encouraging!
According to information from both CryptoMoon Markets Pro and TradingView, WIF currently stands at a price of $2.63. This represents a 3% increase over the past 24 hours and a significant jump of 76% in the last 30 days.
Let’s examine the factors that have fueled WIF’s price momentum over the last month.
WIF rises alongside other memecoins
On October 18, Dogewifhat (WIF) demonstrated a bullish trend, mirroring positive price surges in other popular meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE). Over the past week, these coins have experienced significant increases of 23%, 9.8%, and 9.2% respectively.
Compared to other popular meme-based cryptocurrencies, What Is Fitness (WIF) has seen greater growth over the past month. For example, WIF’s 30-day earnings are approximately 76%, outpacing Dogecoin’s (DOGE) 34% and Shiba Inu’s (SHIB) 43%.
In the year 2024, WIF has shown outstanding performance, boasting year-to-date returns of approximately 1,392%. This is second best only to Turbo (TURBO), a memecoin developed by ChatGPT, which skyrocketed by an astounding 4,570% during the same period.
As a crypto investor, my impressive returns undoubtedly piqued the curiosity of fellow investors, driving up the demand for purchases and boosting the market’s overall momentum.
Increasing OI backs WIF price upside
30 days ago, I’ve noticed an impressive increase in the price of Dogecoin, which coincides with a substantial rise in its Open Interest (OI) during the same period. This suggests a higher trading volume and potential market interest in the cryptocurrency.
Open interest is a key metric that traders and analysts use to assess market sentiment and anticipate future price movements.
On October 4, the aggregate Open Interest (OI) for WIF across all platforms stood at $322.2 million. However, by October 15, this figure experienced an increase of 50%, reaching a five-month peak of $480.2 million.
As an analyst, I’ve observed a surge in the demand for leveraged long positions on WIF (the asset in question) based on recent data from CoinGlass. This trend is evident in the rising Open Interest (OI)-weighted futures funding rate over the past few days, suggesting that traders are increasingly bullish about this particular asset.
Note that the current 0.0068% eight-hour rate translates to a 0.14% cost over seven days, which is significant for traders building futures positions.
Boosted funding rates often imply that future traders are optimistic, predicting price rises ahead, potentially indicating the trend’s persistence will continue.
Dogwifhat price eyes $3
Looking at the technical aspect, the WIF’s price trend since early September has exhibited a pattern of successive higher peaks and lower troughs, forming an ascending parallel channel as depicted on the daily graph. The dominant presence of bulls is indicated by the green engulfing candlestick observed on this same daily chart.
At the current level of $2.50, the bottom of the memecoin’s channel functions as a swift source of support. Additionally, the Relative Strength Index (RSI) is on the rise, with its value at 59 indicating that market conditions continue to lean towards further upward momentum.
If purchases continue to grow beyond the current rate, it’s possible that the WIF price may climb, meeting resistance near the midpoint of the ascending channel at approximately $2.91.
If it goes any further up, the price of WIF might reach the maximum level predicted by the current chart pattern, which is approximately $3.42. This would equate to a 28% increase from its current value.
As a researcher examining the current market trends, I find myself questioning the longevity of the recovery in WIF. Currently, there’s a substantial amount of $22.92 million in short positions that could be liquidated if the price rises to $3. On the flip side, a 5% drop down to $2.5 would potentially erase $3.84 million from long positions.
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2024-10-18 16:47