- WIF successfully retested its bullish double-bottom price action pattern
$22 million worth of short positions will be liquidated if WIF crosses the $2.92 level
As a seasoned researcher with extensive experience in analyzing cryptocurrency markets, I find the recent price action of Dogwifhat (WIF) particularly intriguing. Having closely monitored the market trends and technical indicators, I believe WIF’s bullish outlook is backed by several compelling factors.
At the current moment, the cryptocurrency market as a whole appeared optimistic based on the strong showings of prominent digital assets over the past day or two. It’s also worth noting that several memcoins, including the popular Dogwifhat (WIF) token built on the Solana platform, experienced notable gains and surged in popularity, mirroring Bitcoin‘s upward trend.
In fact, WIF seemed to be flashing a bullish signal on the price charts too.
The reason WIF could soar by 45%
WIF’s optimistic view can be attributed to several factors. First, there was a successful price breakout that was followed by a retest. Second, there has been an upward trend in open interest (OI), which suggests that more investors and traders are taking positions on Solana (SOL). According to CoinGlass, the OI value for WIF has risen by 2.2% within the last 24 hours, indicating a growing level of investor and trader interest.
An additional factor influencing WIF‘s price movement is the robust performance of Solana (SOL) in recent times. In just the last week, SOL has experienced a significant price rise exceeding 10%. This surge in value has sparked heightened attention towards memecoins built on the Solana blockchain.
Dogwifhat (WIF) technical analysis and upcoming levels
At the time of writing, WIF’s daily chart looked super interesting.
On a daily basis, WIF indicated a breakthrough of a bullish double-bottom formation’s resistance level. Furthermore, it validated this pattern by revisiting it. Its trend appeared to be climbing upwards, suggesting a promising sign for potential buyers.
On the 4-hour chart, WIF‘s price was sitting above its 200-day exponential moving average (EMA). This is often seen as a bullish signal in technical analysis. Given the current market conditions and historical trends, there’s a strong possibility that WIF’s price could surge by approximately 45% and reach the significant levels of $2.92 and $3.75 if the market sentiment remains consistent.
It’s important to note that should WIF reach a price of $2.92 on Binance, approximately $22 million in short positions would be forced to be closed. According to CoinGlass’ data, traders on Binance have opened a significant $22 million short position in the last week, based on their belief that WIF will not surpass the $2.92 price mark.
Along with the technical assessment I provided, a cryptocurrency expert expressed his belief on X (previously known as Twitter), that the price of WIF is likely to reach $5 in the near future based on his analysis.
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2024-07-28 02:39