- dogwifhat has clawed its way back from an 11-month low, boasting a 12% gain in just 24 hours. 🚀
- This sudden surge liquidated over $2M in short positions, the highest in over two weeks. 💸
On the 29th of January, the memecoin market took a nosedive, with the total market cap of these tokens shrinking by 2% to $92 billion. 📉
Yet, Solana [SOL]-based meme coin dogwifhat [WIF] laughed in the face of adversity, recording a 12% gain in 24 hours to trade at $1.32 at press time. 🤑
WIF is bouncing back after hitting an 11-month low below $1. This dip has lured buyers, as CoinMarketCap data reveals a 210% surge in trading volumes to $1 billion at press time. 📊
Simultaneously, short liquidations skyrocketed to $2M per Coinglass, marking the highest level in two weeks. 📈
With short liquidations fueling the buying frenzy, is WIF poised for a robust rebound, or will the bears claw their way back? 🐻
dogwifhat price analysis 🧐
dogwifhat’s rebound from multi-month lows aligns with robust buying volumes, hinting at a potential continuation of the bullish trend. 🐂
However, for the bulls to maintain dominance, WIF must overcome resistance at the 0.786 Fibonacci level ($1.62). 🎯
The Relative Strength Indicator (RSI) has surged northward, forming a buy signal after crossing above the signal line. 📈
Yet, the RSI value lingers in bearish territory at 40. For a confirmed bullish momentum, this indicator must rise above 50. 📉
The on-balance volume (OBV) indicator, with a negative value, paints a similar picture. Buying pressure has yet to surpass selling pressure, potentially stalling the rally. 🛑
If WIF flips resistance at $1.62, it could spark a bullish reversal. Conversely, if the uptrend falters and WIF dips below $1 again, the bearish trend may persist. 🐻
Key levels to watch 🔍
The forced closure of $2M short positions ignited a buying frenzy, propelling WIF to a strong rebound above $1. 💥
WIF’s liquidation heatmap with a 24-hour lookback period illustrates how the memecoin rebounded as these positions were liquidated. 📊
The next liquidation cluster above the press time price is at $1.37. If WIF hits this price, and short sellers become forced buyers, it could bolster the uptrend. 🚀
Simultaneously, traders should be wary of a drop to $1.26, which could trigger long liquidations. A dip below $1 to $0.97 might precipitate a steeper downtrend due to the large cluster of liquidations at this level. 📉
Can WIF reclaim its top spot among Solana memecoins? 🏆
The Solana memecoin arena has been buzzing with activity following the launch of Official Trump (TRUMP), currently the largest SOL-based meme with a $5.57 billion market cap. 🐘
WIF, with a $1.32 billion market cap, ranks third after BONK [BONK]. If WIF can sustain its recent gains, it might flip BONK in the near term. 🔄
However, to reclaim its top spot, WIF needs to rally past $5. 🚀
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2025-01-29 19:09