After a prolonged period of downside momentum, Dogwihat (WIF), a popular Solana-based meme coin, is poised for a massive upside movement. This positive outlook can be attributed to the formation of bullish price action and the rising interest from traders over the past 24 hours.
According to expert technical analysis, WIF appears bullish as it has formed a bullish divergence on its daily time frame. Whenever an asset forms a bullish divergence, it indicates that the asset is likely to skyrocket soon. Additionally, WIF seems to be consolidating near a crucial support level of $1.30.
Historically, this level has acted as strong support for the meme coin. Since August 2024, WIF has reached this level nearly four times, and each time, it has experienced significant upside momentum.
Looking at the historical price momentum, experts and analysts are expecting a similar kind of upside movement. Based on the recent price action, if WIF breaks out of the consolidation and closes a daily candle above the $1.50 level, there is a strong possibility it could soar by 40% to reach the $2 level in the future.
The Relative Strength Index (RSI), currently near 35, indicates that WIF could soon experience a strong price reversal and significant upside momentum.
Looking at the bullish outlook, Binance traders have shown strong interest and confidence in the meme coin over the past 24 hours, according to the on-chain analytics firm Coinglass.
Binance’s WIFUSDT long/short ratio currently stands at 4.01, indicating strong bullish sentiment among traders. Furthermore, the data reveals that 80.10% of top WIF traders on Binance hold long positions, while 19.90% hold short positions.
With rising interest and a bullish outlook, WIF is currently trading near $1.44 and has experienced an upside momentum of over 3.5% in the past 24 hours. Additionally, during the same period, participation from traders and investors appears to have surged, resulting in a 20% increase in trading volume.
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