Dogwifhat (WIF), the popular Solana-based meme coin has been making waves in the cryptocurrency landscape with its impressive performance. On November 11, 2024, WIF with a price gain of over 16%, formed a strong bullish price action pattern. It now appears poised for a potential 50% rally in the coming days.
This bullish outlook could be fueled by current market sentiment, positive price action, and heightened investors’ and traders’ interest in the ongoing bullish market sentiment.
According to expert technical analysis, the recent price surge has caused WIF to break out from a crucial resistance level of $2.9, which acts as the neckline for an inverted head-and-shoulder price action pattern on a weekly time frame.
This resistance breakout in WIF has shifted the sentiment to strongly bullish and follows a notable period of price correction and consolidation, indicating a positive outlook for the meme coin.
Based on recent price action and historical momentum, if WIF closes its daily candle above the $3.05 level, there is a strong possibility it could rise by 53% to reach $4.7 in the coming days.
This bullish projection is further supported by WIF’s recent golden crossover, where the 50-day Simple Moving Average (SMA) crossed above the 200-day SMA on the daily time frame, a pattern that often precedes significant asset growth.
In addition to this technical analysis, on-chain metrics further support WIF’s positive outlook. According to the on-chain analytics firm Coinglass, WIF’s Long/Short ratio currently stands at 1.04, indicating strong bullish sentiment among traders.
Furthermore, its open interest (OI) points to significant trader participation as the price breaks through the crucial level, suggesting potential for a notable upside rally. According to recent data, WIF’s open interest (OI) has increased by 13% over the past 24 hours and 9.8% in the past four hours, indicating heightened participation compared to the previous day.
The combination of these on-chain metrics with technical analysis suggests that bulls are currently dominating the asset and supporting WIF in its upcoming rally.
At press time, WIF is trading near $3.05 and has gained over 12% in the past 24 hours. During the same period, its trading volume jumped by 71%, indicating notable participation from traders and investors.
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