- WIF’s Open Interest (OI) has skyrocketed by 12% in the past 24 hours, indicating increased trader interest.
- 68.40% of top traders on Binance held long positions, while 31.60% held short positions.
As a seasoned analyst with over a decade of experience in the crypto market, I find myself intrigued by the recent developments surrounding dogwifhat (WIF). The 12% surge in Open Interest within the past 24 hours suggests a significant increase in trader interest, which is always a bullish sign.
Following a powerful surge by Solana’s native token [SOL], the well-known meme coin dogwhatever [WIF] mirrored this trend, showing signs of a significant price increase in the near future.
Beyond just the upward trend in its pricing, several other factors have bolstered WIF’s positive forecast. These include its on-chain statistics and the prevailing optimistic market mood. Interestingly, Solana’s recent price surges over the last few hours might significantly boost WIF during its forthcoming surge.
dogwifhat technical analysis and key levels
Based on AMBCrypto’s technical assessment, the WIF (symbol) appears to have breached a downward triangular formation observed within a four-hour timeframe.
Currently, it appears that the meme coin could break out of a bullish double-bottom pattern.
After observing the price of WIF surpass its significant resistance point and ending the candlestick above it, there’s a substantial chance I see this digital asset climbing by approximately 22% in the near future. This potential growth could propel the memecoin to reach around $4.7 in the upcoming days.
Currently, at the latest update, the memecoin is being traded over its 200-day Exponential Moving Average (EMA), which suggests a positive trend or upward movement in the market.
Currently, the Relative Strength Index (RSI) of WIF indicates a possible increase in its price over the next few days, since it’s currently showing signs of being oversold.
Bullish on-chain metrics
Besides technical analysis, metrics further supported WIF’s bullish outlook.
According to AMBCrypto’s analysis of Coinglass, the excitement among traders for this memecoin has significantly increased. In just the last 24 hours, its Open Interest (OI) has surged by 12%, and within the past four hours, it has risen by 11.08%. This indicates a high level of trader activity in the memecoin.
As a researcher, I’ve observed that the Long/Short Ratio on Binance was 2.16 as of now, suggesting a robust bullish market sentiment. This implies a stronger demand for buying compared to selling, potentially signaling a favorable trend in the crypto market.
Currently, approximately two-thirds (68.40%) of the leading Binance traders have taken long positions, while slightly less than one-third (31.60%) are holding short positions. WIF is hovering around $3.91 following a significant price increase of more than 4.5% in the previous day.
Realistic or not, here’s WIF’s market cap in BTC’s terms
Based on these chain statistics and the technical study of Dogecoin, it seems that buyers are currently holding the upper hand in this asset and may help drive the coin during its potential future surge.
In contrast, there was a 10% decrease in trading volume for WIF over the past 24 hours, suggesting reduced involvement from traders and investors.
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2024-11-18 03:03