In a recent development, Robinhood, a popular cryptocurrency exchange, announced that it has listed Dogwifhat (WIF), the leading Solana-based meme coin. This announcement has attracted significant attention from traders and investors alike.
Following the announcement, the meme coin’s price skyrocketed by 13.5% in less than an hour. However, looking at the current WIF price, it appears that the surge was not sustained for long.
At press time, WIF is trading near $3.37 and has experienced a 7.5% gain in the past 24 hours. However, following the listing announcement it reached a weekly high of $3.655.
During the same period, its trading volume jumped by 18%. Additionally, data from Coinmarketcap shows that WIF’s trading activity is steadily growing, indicating heightened participation from traders and investors.
According to expert technical analysis, WIF’s price has been consolidating within a tight range. Following today’s announcement, it briefly broke out of this zone but has since returned. Based on recent price action, WIF needs to breach this consolidation zone to rally further.
If the meme coin breaks out of the zone and closes a daily candle above the $3.75 level, there is a strong possibility it could soar by 25%, reaching the $4.70 level in the coming days, and if the sentiment remains unchanged it will reach to $5 as well.
Currently, the meme coin price is trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend. Additionally, the Relative Strength Index (RSI) suggests that the meme coin still has room to rally further, as its RSI value remains below 70, indicating that the price is not in the overbought zone.
At press time, traders appear to be actively participating and showing strong interest in the meme coin. According to the on-chain analytics firm Coinglass, WIF’s open interest (OI) has surged by 9.5% in the past 24 hours and continues to rise steadily. This increase in OI suggests that traders have begun building new positions.
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