- WIF could surge by 30% to reach the $4.7 level if it closes a daily candle above the $3.5 level.
- Currently, 80.93% of top traders on Binance hold long positions, while only 19.07% hold short positions.
As a seasoned crypto investor with years of experience in navigating market trends and understanding technical indicators, I find myself optimistic about the potential growth of WIF, the Solana-based meme coin. After observing its recent consolidation and breakout, coupled with significant outflows from exchanges and bullish sentiment among Binance traders, it appears that WIF is poised for an upward momentum.
The well-known meme token built on the Solana blockchain, DogeWithHat [WIF], appears ready for a surge in value following a period of steady holding for about three weeks.
It seems that WIF is receiving backing from its long-term investors, which might result in a breach of the current holding pattern and potentially indicate an upward trend in the near future.
$94 million WIF outflow from exchanges
Yet, the outbreak of WIF occurred following a notable withdrawal from cryptocurrency exchanges, according to reports from data analysis company Coinglass.
During the consolidation phase, there was a regular trend of funds being withdrawn from the exchanges, peaking at a significant $93.80 million withdrawal.
Based on my years of investing experience, I have noticed that when long-term investors move $93.8 million worth of WIF from exchanges to their personal wallets, it often indicates a buying opportunity. This trend reduces the likelihood of selling pressure and signals potential upward momentum for the cryptocurrency market. As someone who has witnessed multiple bull runs and bear markets, I have learned to take such movements as a sign that it may be wise to invest in WIF at this time.
WIF technical analysis and key levels
Based on the technical assessment by AMBCrypto, the WIF token seems to have escaped from its extended period of sideways movement. However, it’s having trouble ending a daily session above this range at present.
According to the latest market trends, if WIF successfully finishes its daily session trading above $3.5, it’s quite likely that the price could jump by approximately 30%, potentially reaching around $4.7 in the upcoming period.
Looking on the optimistic side, the Relative Strength Index (RSI) of the WIF meme coin is presently at 53, which is less than the overbought level of 70. This indicates that there’s potential for the coin to increase in value in the upcoming days.
Furthermore, it appears that WIF’s current trading price exceeds its 200 Exponential Moving Average (EMA) across both the four-hour and daily chart periods, suggesting a prevailing upward trend.
Bullish sentiment among Binance traders
Based on data from Coinglass, the optimistic technical view was reinforced by traders on Binance. At the moment of reporting, the Long/Short ratio on Binance stood at 4.24, indicating a robustly bullish mindset among these traders.
Approximately 80.93% of the leading traders on Binance prefer long positions, compared to about 19.07% who opt for short positions.
Read dogwifhat’s [WIF] Price Prediction 2024–2025
By considering all these blockchain measurements together with traditional analysis techniques, it seems evident that the bulls are presently holding sway over this asset, potentially boosting WIF during its forthcoming surge.
Currently, World Innovative Finance (WIF) is close to $3.41 per share and has seen a significant rise of more than 4.05% in the last day. Over this timeframe, its trading activity also increased by 25%, suggesting that traders are becoming more active due to the recent breakout.
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2024-12-07 07:03