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WIF has surged by 9.65% over the past 24 hours.
Prevailing market sentiment positioned WIF to make a 2-month high of $2.9.
As a seasoned analyst with over two decades of experience in the cryptocurrency market, I must say that WIF‘s recent surge is nothing short of impressive. With its 9.65% increase over the past day and its sustained uptrend, it seems we may be witnessing the start of a significant recovery for this memecoin.
Over the past few months, the meme coin known as Dog-Who-Has (WIF) has bounced back noticeably on its price charts. Currently, WIF is being traded at $1.68, which represents a 9.65% rise in value over the last 24 hours.
Additionally, on weekly charts, WIF has surged by 8.95%, completing a month-long uptrend.
For approximately the last few months, the value of this meme-based cryptocurrency has jumped by a significant 7.30%. At the same time, its trading activity has also seen a substantial increase of about 97.91%, reaching an impressive $419.8 million as per CoinMarketCap’s records.
Starting from the 5th of August, when WIF hit its lowest at $1.07, it reached a local peak of $2.03. Despite not being able to maintain an uptrend since the 24th of August, the recent week has shown a change in direction or trend reversal.
In other words, given its current trajectory, the memecoin seems poised to burst through the downward trendline. Once it does, we can expect the price to reach its recent peak levels.
Will WIF’s rise continue?
Based on AMBCrypto’s assessment, WIF was showing a significant upward trajectory at the current moment. This surge has been powerful enough to test a two-month bearish trend.
These current market conditions could set WIF for further price gains.
The Aroon Line has shown a consistent rise, as the Aroon Up stands at 28.57%, significantly higher than the Aroon Down. An increased Aroon Up percentage signifies that recent high points are more prevalent compared to recent low points.
When the configuration of an asset’s Aroon Up indicator indicates as such, it signifies a rising trend, as the asset’s recent price movements have shown increasing highs and high lows.
Over the past three days, I’ve noticed that the OI-Weighted Funding Rate from WIF has remained positive. This suggests that as a crypto investor, I’ve been paying those who are short on their positions, indicating that they are holding short positions while I’m maintaining long ones.
It showed that most traders anticipated prices would go up, which is an indication of a bullish market trend.
To wrap it up, the combined Funding Rate of the memecoin has predominantly been positive over the past six days across exchanges.
This new development lends credence to AMBCrypto’s earlier finding that there is a greater interest in taking long positions rather than short ones.
Read dogwifhat’s [WIF] Price Prediction 2024–2025
As a researcher examining the memecoin known as WIF, I am optimistic about its potential for further growth. Should the current bullish market mood persist, this cryptocurrency seems poised to shatter its downward trendline at approximately $1.71, signaling a promising breakout.
A breakout from this level will strengthen WIF to hit a 2-month high of $2.9.
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2024-09-19 15:03