-
Following the recent consolidation breakout, there is a high possibility that WIF could soar by 20%.
An expert noted nobody is ready for WIF’s upcoming V reversal.
As a seasoned researcher with years of experience in analyzing cryptocurrency markets, I find myself intrigued by the current situation of WIF, the popular Solana-based meme coin. After witnessing its steep decline of over 20%, it’s fascinating to see how it’s now poised for an upside rally.
Following a substantial drop of more than 20% in recent times, it seems that the well-known meme token dogwifhat [WIF], which operates on the Solana blockchain, is preparing for a potential price surge.
From the start of September 2024, the Open Interest for WIF has steadily increased, climbing from $199 million to $221 million as we speak, based on information provided by Coinglass.
Bullish signals emerge
Increased activity in the number of open trades, even with a negative market outlook, might indicate an upcoming change in direction for prices.
In simple terms, at the present moment, the Optimistic-Indecisive (OI) Funding Rate was showing a positive figure, implying that more traders were betting on an increase in the asset’s price. This trend indicates a robust optimism among traders regarding the asset’s upward movement.
According to AMBCrypto, WIF seems optimistic following its breakout from a holding pattern close to the significant support of $1.50.
Its Relative Strength Index (RSI) is in oversold territory, indicating a potential price reversal.
According to past market trends and the recent surge, it’s quite likely that WIF might increase by around 20%, potentially reaching the $1.90 mark or possibly even exceeding it.
A strong reversal for WIF?
Lately, the cryptocurrency analyst Bluntz_Capital posted an update on platform X (formerly known as Twitter), stating that WIF has recently tested the ideal channel pattern accurately within a four-hour timeframe. In his analysis, he pointed out this observation.
“Nobody is ready for the V reversal that about to happen.”
According to the experts’ forecasts, it seems likely that WIF might reach around $2.2 in the near future.
At this moment’s update, the key selling and buying points were approximately $1.547 (on the downside) and $1.658 (on the upside), given that traders have excessively leveraged themselves at those levels, as indicated by Coinglass.
Should the positive market feeling toward WIF continue and its price reaches approximately $1.658, it would result in around $6.06 million being recouped from positions taken in expectation of a price drop (short positions).
If the sentiment changes to negative (bearish) and the price falls to $2.28 million, a total of $6.25 million in long positions will need to be sold off (liquidated).
Read dogwifhat’s [WIF] Price Prediction 2024–2025
As I write this, Web Integrated Finance (WIF) is hovering around the $1.60 mark, reflecting an impressive 8% increase in its value over the past day.
Its trading volume jumped by a modest 5% during the same period, indicating higher participation from traders.
Read More
- EUR JPY PREDICTION
- DF PREDICTION. DF cryptocurrency
- Doctor Strange’s Shocking Return in Marvel’s Avengers: Doomsday Revealed!
- COW PREDICTION. COW cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- ASTR PREDICTION. ASTR cryptocurrency
- USD MXN PREDICTION
- POL PREDICTION. POL cryptocurrency
- South of Midnight PC Requirements Revealed
- Hunter x Hunter: Nen x Impact launches July 17, DLC character Nephelpito announced
2024-09-06 03:03