- dogwifhat seems to be forming a rising wedge pattern.
- WIF holders count continue to see positive change.
As a seasoned crypto investor with battle scars from numerous market cycles, I find myself intrigued by the resilience of dogwifhat (WIF) amidst potential short-term corrections. The rising wedge pattern it’s forming gives me a glimmer of hope, as it has often been a precursor to significant rallies in the past.
dogwifhat [WIF], a Solana-based memecoin, is currently showing signs of resilience as it battles a potential short-term correction. After recent AMBCrypto analysis hinted at a possible drop to the $2 zone, WIF seems to be holding steady around the $2.50 mark.
As WIF traders persistently purchase dips, they’re fueling optimism once more. Given the developing upward sloping wedge pattern, a surge seems possible, particularly given the current bullish trend of the quarter.
If World Information Fund (WIF) manages to keep its price range floor at $2.50, it might bounce back to around $3.10, providing an opportunity for returns up to 20%. On the other hand, a drop below this level could result in another attempt to revisit the $2 area, as previously pointed out.
If World International Fund (WIF) has rebounded from its lower support line and is now approaching the upper resistance, a strong hold at the $2.50 level might trigger further price increases.
If the price falls below $2.50 after a test, it could challenge the optimistic viewpoint, potentially driving WIF towards the $2.20 or $2.00 regions instead.
Reaching the $2.50 point aligns significantly with the lower boundary of WIF’s ascending triangle. This makes it a crucial threshold for WIF’s short-term trajectory.
Liquidation heatmap
At the current moment, the price of dogwifhat is lower than $2.60, and there are approximately $675,000 worth of perpetual futures contracts set for liquidation when it reaches this price point.
If the price increases by about two pennies, it might trigger liquidations amounting to approximately $790,000, suggesting that the $2.70 range could be a likely goal. Given that prices often cluster around high liquidity zones, this situation may cause WIF to rise.
If we drop towards the $2.40 area, it might lead to $824,000 in forced sales, possibly causing prices to fall even lower to $2.00. This move could also signify a repeat of a previously broken double top pattern on the daily chart.
WIF holders rise as broader market bounces
Regardless of the temporary uncertainties, investors are amassing WIF, hinting at a possible change to a bullish trend. In fact, over the last seven days, there’s been an increase in the number of WIF owners across various time spans.
At the moment, we have approximately 189,350 individuals who own WIF. Out of these, about 56% possess more than ten dollars’ worth of WIF. This steady increase in the number of holders, along with few significant drops, suggests that the overall market feeling stays optimistic.
From my perspective as an analyst, the strong community backing that memecoins generally enjoy is a positive sign for the long-term outlook of WIF. Furthermore, it’s encouraging to see the broader market exhibiting substantial rebounds in Bitcoin, meme coins, and Artificial Intelligence tokens. This trend could potentially amplify WIF’s potential for future growth.
As a crypto investor, I’ve been closely watching memecoins and their success has piqued my interest. One coin that seems to be a strong long-term investment is WIF. For those seeking to cash in on potential future growth, dollar-cost averaging (DCA) around the current price point could be a wise strategy. Given its solid positioning, I believe WIF has the potential for further gains.
Is your portfolio green? Check the dogwifhat Profit Calculator
Although Dogwhatever may encounter temporary hurdles, its long-term optimistic outlook stays robust. Crossing the $2.50 mark might result in substantial profits, whereas dipping beneath could initiate additional adjustments.
As an analyst, I find myself increasingly optimistic about the future prospects of WIF. The expanding backing from the community and the rising number of holders hint at a positive long-term trajectory for this project.
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2024-10-18 13:12