On September 19, 2024, following the rate cut announcement, Dogwifhat (WIF), the popular Solana-based meme coin appears poised for significant upside momentum. In recent days, the overall cryptocurrency landscape has been struggling to gain momentum, but the rate cut announcement has shifted the overall market sentiment.
WIF is among the top cryptocurrencies that have experienced a notable price surge. At press time, it is trading near $1.73 and has experienced a price surge of over 18% in the last 24 hours. During the same period, investors’ and traders interest has skyrocketed. According to coinmarketcap, WIF’s trading volume has soared by 175%.
Following an impressive price surge, WIF has breached its crucial resistance of descending trendline and a horizontal level of $1.69. Experts suggest that this breakout is a bullish sign. If WIF closes a daily candle above the $1.70 level, there is a strong possibility it could soar by 15% to reach the $2 resistance level.
Based on the historical price momentum, this resistance level is an area where WIF price has experienced notable selling pressure, leading to price reversal. However, if WIF breaches this resistance level, we may see a significant price surge to the $2.4 level. This bullish thesis will hold if WIF closes its daily candle above the $1.70 level, otherwise, it may fail.
Currently, WIF’s bullish outlook is further supported by on-chain metrics. Coinglass’s long/short ratio currently stands at 1.004, indicating a bullish market sentiment among traders. Additionally, WIF’s future open interest has soared by 20% in the last 24 hours, showing that bulls are betting more on long positions compared to short positions.
Traders and investors often use the combination of rising open interest and long/short ratio above 1, while building positions. Additionally, WIF’s OI-weighted funding rate is positive, indicating bullish market sentiment.
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