Dogwifhat Price Analysis
Dogwifhat (WIF), the popular Solana-based meme coin gained massive attention in the past few days due to its impressive price surge of over 150%. However, the meme coin has been continuously falling and has now found support at the golden Fibonacci ratio of 0.618 level.
Besides finding support at the golden ratio, WIF is also benefiting from Solana (SOL) as it approaches its all-time high. Additionally, the meme coin’s charts on both the four-hour and daily timeframes appear highly bullish, signaling a potential notable upside rally in the coming days.
According to expert technical analysis, WIF has broken out of a bullish flag and pole price action pattern. Meanwhile, on the daily timeframe, the meme coin is forming a bullish engulfing candlestick pattern. This price action on both timeframes indicates bullish momentum for WIF holders and suggests a potential upside rally in the coming days.
Based on recent price action and historical momentum, if WIF breaks out of the flag and pole price action pattern and closes a four-hour candle above the $3.4 level, there is a strong possibility it could soar by 85% to reach its all-time high (ATH) of $6.
Currently, the meme coin is trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating an uptrend. Meanwhile, WIF’s Relative Strength Index (RSI) signals major rally incoming.
With this bullish price action pattern and Solana’s upward momentum, WIF is currently attracting traders, resulting in a significant rise in open interest (OI), as reported by the on-chain analytics firm Coinglass. According to recent data, WIF’s OI has increased by 7.5% in the past 24 hours and 5.2% in the past four hours.
This growing OI indicates a strong interest from traders in the meme coin.
In addition to the growing OI, WIF’s current Long/Short ratio stands at 1.078, reflecting strong bullish market sentiment among traders.
The combination of these on-chain metrics and technical analysis suggests that bulls are currently dominating the asset, potentially supporting WIF in reaching its target.
At press time WIF is trading near $3.32 and has registered a price gain of over 6.5% in the past 24 hours. During the same period, its trading volume surged by 25%, indicating increased participation from traders amid a bullish price action pattern.
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