The meme coin Dogwifhat (WIF) based on Solana is causing a stir in the cryptocurrency world with its remarkable performance in the last 24 hours. On September 24, 2024, WIF led the cryptocurrency market with a significant 16% increase and is currently hovering around the $2.02 mark.
WIF Price Momentum
Aside from its impressive performance, WIF’s trading volume has surged by 75% in the past day. This surge in trading volume indicates increased participation from traders and investors following the breakout from the recent consolidation phase.
It will be intriguing to see if WIF will encounter selling pressure or continue to rise after a notable upward surge.
Dogwifhat (WIF) Technical Analysis and Upcoming Levels
According to CoinPedia’s technical analysis, WIF appears bullish and is currently facing strong resistance near the $2 level. This marks the third occasion since August 2024 that WIF has reached this level. Historically, whenever WIF reached this level, it faced selling pressure leading to a price decline of over 30%.
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However, this time the market sentiment has shifted, and there is a surge in interest from traders and investors. Based on past price trends, if WIF closes its daily candle above $2.06, there is a strong chance that WIF could climb by 14% to reach $2.4 in the near future.
If this scenario does not materialize, we might witness a price reversal similar to previous instances with WIF.
WIF’s Bullish On-chain Metrics
Currently, this positive outlook is further supported by on-chain metrics. According to the on-chain analytics firm Coinglass, the WIF long/short ratio stands at 1.03, the highest since August 2024, indicating bullish sentiment among traders.
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Furthermore, WIF’s future open interest has surged by 40% in the last 24 hours and by 10% in the last 10 hours. This increase in open interest indicates that traders are leaning towards long positions over short positions.
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Traders and investors typically consider rising open interest and a long/short ratio above 1 when establishing long positions. With strong bullish on-chain metrics, it seems that WIF is poised for a substantial upward movement in the days ahead.
