- While popular meme coins are having difficulty gaining traction, Dogwifhat (WIF) has increased by 8%.
- In the coming days, WIF might rise by 25% to $2.2.
- Over the past day, WIF’s open interest has climbed by more than 7%.
On August 10, 2024, there is not much activity in the meme coin market. Prominent cryptocurrencies like as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have had marginal increases of 0.5%, 1.2%, and 1.35% in the past day. On the Solana blockchain, Dogwifhat (WIF), a meme coin, is garnering attention because to a noteworthy 8% surge in value.
Why is this unanticipated rally happening? Can WIF maintain this momentum?
Analysis of WIF Performance
In the last day, WIF’s price has increased to roughly $1.81 and even reached $1.94. Despite this, its trading volume has decreased by 20%, suggesting that fewer traders are involved. Positively, WIF’s open interest—which monitors active contracts—has increased by more than 7%, as per CoinGlass, an on-chain analytics company.
Important Dogwifhat Technicals (WIF)
Technical analysis indicates that WIF’s future looks bright. On a 4-hour chart, the coin recently broke out of a bullish inverted head and shoulders pattern, which is encouraging. It also shows further room for growth as it successfully retested this breakthrough level.
In the next few days, WIF might increase by 25% to $2.20 if the market sentiment stays positive. WIF has to remain above the $1.65 support level in order to do this. However, the 200 Exponential Moving Average (EMA) could provide resistance around $2.
Watching Liquidation Levels
Currently, WIF’s primary liquidation levels are approximately $1.758 on the lower end and $1.95 on the top end.
Nearly $12.62 million worth of short bets will be liquidated if the mood stays the same and WIF’s price hits the $1.95 mark. On the other hand, around $3.37 million worth of long bets will be liquidated if the price drops below $1.758.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
