- WIF surged by 54% over the past seven days.
Market sentiment remains bullish with WIF targeting $4.009.
As a seasoned researcher with extensive experience in the crypto market, I’ve witnessed numerous price fluctuations and trends over the years. Based on my analysis of recent market data, I’m excited to share my perspective on the latest surge in WIF, which has seen a 54% increase in just seven days.
Following a two-month low, Bitcoin rebounded to trade at $66k, marking an 11% gain in value over the previous weeks. In turn, the altcoin market has similarly shown signs of recovery.
In simpler terms, as the crypto market experiences less price instability, coins like Solana’s meme tokens are experiencing a surge in popularity. Dogecoin (WIF), which had previously struggled, is making a strong recovery and performing better than other meme coins in this current market situation.
At present, WIF is priced at $2.57 following a substantial 54% increase within the past 24 hours. As reported by coinmarketcap, WIF’s market capitalization has grown by approximately 2.3%, reaching a value of $2.5 billion during this time frame.
As an analyst observing the crypto market, I’ve noticed a significant rise in value recently that has sparked intrigue and excitement among industry insiders. Some are hopeful that this upward trend will persist.
What does WIF price chart indicate
According to AMBCrypto’s assessment, WIF has been experiencing a prolonged price increase and could potentially yield further profits in the near future.
At present, the Aroon Up line, which is currently at 92.86%, lies superior to the Aroon Down line at 28.57%. This signifies that there have been more recent price highs than lows, suggesting a robust uptrend in the market.
When the asset is set this way, there’s a higher potential for a sustained upward movement.
Similarly, the Directional Movement Index (DMI) reinforces the robust uptrend with a positive reading of 26.27 that surpasses the negative index’s value of 25.9.
The negative is experiencing a decline for the past week while the positive index has been rising.
As a researcher examining the cryptocurrency market, I noted that the WIF‘s Relative Strength Index (RSI) stood at 62. This figure indicated robust buying pressure in the market. Since the RSI surpassed its moving average of 49, it signaled the presence of strong buyer demand. Consequently, the crypto asset appeared poised for additional price growth.
As a researcher examining the data from Coinglass, I’ve discovered an intriguing development regarding WIF‘s open interest. Over the past week, this figure has significantly grown from $218 million to an impressive $370 million.
Investors are not only buying new cryptos but also keeping their current holdings, indicating their belief in the crypto’s upward trend.
In the end, the cost to close short positions surpassed the expense for holding long positions. This implies that traders bearing bets against the market were compelled to exit their contracts, whereas long position holders received a bonus to maintain theirs. Such a scenario signifies a bullish trend.
Is your portfolio green? Check the WIF Profit Calculator
After recovering from a decline below $2 resistance, WIF is positioned for a sustained uptrend.
As of the moment this article is being published, the price of WIF was at $2.57 in the market. Should the prevailing market sentiment continue with bulls in control, WIF is expected to break free from its downward trend around $3.07 and target a higher price of $4.009.
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2024-07-21 17:12