- At press time, 63% of WIF traders across the exchanges held long positions, while 37% held short positions
- WIF seemed to be mirroring Ethereum’s (ETH) daily chart
As a seasoned crypto investor with scars from the bear market battles etched deeply into my digital wallet, I find myself cautiously optimistic about the recent surge in Dogwifhat (WIF). Having weathered numerous market cycles, I’ve learned to read the charts like ancient scrolls and interpret the traders’ sentiments as if they were tea leaves.
It seems like the crypto bull market is underway as most digital assets are observing an upward trend in their charts. Even one of the well-known memecoins, Dogwifhat (WIF) on the Solana network, had been steady for some time but now appears to be gearing up for a surge too.
Why is WIF’s price increasing?
Some possible explanations for this optimistic outlook could include the memecoin’s price movement trend, increased attention from traders, and a change in market sentiment from a decline to an increase.
From my analysis, it appears that Waltonchain (WIF) is following a pattern similar to Ethereum’s (ETH) daily chart. This potential parallel could suggest an imminent significant price surge for WIF within the upcoming days.
Price analysis and key levels
Based on AMBCrypto’s technical analysis findings, the WIF cryptocurrency has reached a point where it has often faced significant selling in the past. Interestingly, this level has already been tested multiple times by the altcoin. Due to these frequent tests, it appears that this level may not be as strong as before.
Currently, due to its continuous merging process, it’s quite likely that WIF will break through this resistance level on this occasion.
If WIF surpasses the $2.5 mark and finishes a daily or four-hour trading period above this point, there’s a high chance it could experience a 20% rise, reaching $3. However, should the positive trend persist, it might climb even higher in the near future.
Important to note, WIF’s trading price remains above its 200-day Exponential Moving Average (EMA), suggesting a persistent upward trend in the daily chart.
WIF’s bullish on-chain metrics
As a crypto investor, I’ve been closely watching the trends, and on-chain metrics are adding fuel to the optimistic view towards memecoins. Specifically, according to Coinglass, the Long/Short ratio for WIF stood at 1.62 at the current moment, suggesting a robust bullish sentiment among traders, which could potentially lead to further price increases.
Furthermore, it seemed that traders became increasingly hopeful, as they continued expanding their active positions.
Observe this fact – WIF’s Open Interest experienced a surge of 7% in the past 24 hours, and an increase of 9.5% within the last four hours. This suggests a positive trend or bullish movement.
Currently, approximately two out of every three top traders are investing in a ‘buy’ or ‘hold’ strategy, while about one-third are adopting a ‘sell’ or ‘short’ strategy.
By blending these blockchain indicators and technological evaluation, it appears that buyers are holding a strong position over this asset, potentially fueling an upward price surge.
At the current moment, World Internet Finance (WIF) was hovering around $2.44 in price, after experiencing a 5.6% increase over the past 24 hours. Simultaneously, its trading volume surged by 10%, suggesting increased interest from traders and investors.
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2024-11-09 21:11