- Well, bless my soul! WIF done went and pumped itself up by 12% on the 29th of January after that Fed decision. Ain’t that a hoot?
- Now, hang onto your hats, folks! Depending on that tricky U.S. inflation data, this memecoin could soar to $2 like a vaulting frog or flop below $1 like a pancake. 🍴
It seems that little ol’ Fed rate decision knocked the dust off dogwifhat [WIF] with a 16% pump—like a Jack-in-the-box after too many years in the cupboard!
That there Fed chair, Jerome Powell, declared that the agency’s still toying with the notion of cutting interest rates, come what may—even if that pesky inflation doesn’t drop to their much-vaunted 2% target. Talk about playing with fire!
Right after hearing that news, Bitcoin decided to join the party and shot up to $105K, raising a ruckus among several altcoins and memecoins, WIF included. But will it be enough to send WIF to the dizzying heights of $2, or will it simply trip over its own feet? 🤔
Can WIF really claw its way back to $2?
Now, if you squint at the daily price chart, you might spot the OBV spiking like a cat on a hot tin roof, pointing to some serious trading volume. WIF danced around with a whopping $326M in daily trading on the 29th of February. Why, that’s more than a cat has lives! 🐱
But alas! The OBV ain’t exactly strutting a higher high just yet, hinting that there may not be enough steam in the engine for a grand journey to $2 just at this moment. And the ever-so-dramatic daily RSI has crept up a bit from its little valley of despair, but it’s still below neutral—kinda like a turtle in a high-speed race.
While this gloomy technical chart reading could change faster than a chameleon on a Skittles package after we see what the U.S. inflation data decides to reveal, it sure don’t paint a rosy picture for WIF’s leap to $2 (that there overhead resistance zone is as tough as old boots). 😅
But! Hold the phone! If the U.S. inflation data (that PCE index, bless its heart) comes back weak, we could see WIF’s rally take off like a chicken on a corn cob, rocketing to $2 or higher!
Spot demand is all the rage
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According to the fine folks at Coinalyze, this rally sparked a rip-roaring demand from both Spot and Futures markets. Just look at that uptick in Open Interest (OI) rates and Cumulative Volume Delta (CVD). It’s like watching popcorn pop when you left the lid on too long!
For instance, OI jumped over 40% during the hullabaloo, showcasing a mountain of leveraged trading that helped fuel this whole shindig. But lo and behold, that OI started to fold like a cheap suit while the CVD spot climbed higher. It’s a plot twist worthy of the finest tomes! 📈
Now, don’t go thinking dogwifhat’s WIF has thrown in the towel just yet! This here data suggests that demand from the Spot market stayed steady like a good hound watching a squirrel, even though Futures Interest faded. If this trend keeps waltzing along, it could mean good things for WIF.
In a nutshell, WIF just might stretch its little legs toward $2, provided the upcoming U.S. inflation data puts a feather in the cap of risk assets. But don’t be too surprised if a bearish sentiment sends our poor memecoin flopping back below $1—like a fish outta water!
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2025-01-30 14:19