In recent days, Dogwifhat (WIF), a meme coin built on the Solana blockchain, has captured significant attention across the crypto community due to its remarkable price increase of over 150%. However, it has since experienced a correction, stabilizing at the crucial Fibonacci retracement level of 0.618. This development has sparked interest among traders and investors, as the coin seems to be preparing for its next move.
Bullish Indicators on WIF Charts
WIF’s recent stabilization at the golden ratio is not the only positive signal for this meme coin. It is also benefiting from Solana’s (SOL) momentum as it edges closer to its all-time high. The technical analysis of WIF on both four-hour and daily charts suggests a highly bullish outlook, with the potential for a substantial rally in the near future.
WIF Price Prediction for November 2024
Expert analyses highlight that WIF has successfully broken out of a bullish flag and pole price action pattern. On the daily chart, it is forming a bullish engulfing candlestick pattern. These trends are encouraging for WIF enthusiasts, as they indicate strong bullish momentum and the possibility of a significant price surge soon.
According to predictions based on recent trends and historical data, if WIF can break through its current pattern and close a four-hour candle above the $3.4 mark, it could experience an 85% increase to reach its all-time high (ATH) of $6. Presently, WIF is trading above the 200 Exponential Moving Average (EMA) on the daily chart, which underscores the ongoing uptrend. The Relative Strength Index (RSI) also hints at an impending major rally.
Bullish On-Chain Metrics
WIF’s bullish price trajectory, paired with Solana’s upward momentum, is drawing traders’ attention, leading to a noticeable rise in open interest (OI) as per reports from Coinglass. Recent data shows a 7.5% increase in OI over the past 24 hours and a 5.2% rise in the past four hours. This increase in OI signifies a growing interest among traders in WIF.
Furthermore, the current Long/Short ratio for WIF stands at 1.078, which reflects a strong bullish sentiment in the market. The amalgamation of these on-chain metrics and technical indicators suggests that bullish forces are currently in control, enhancing WIF’s prospects of reaching its desired targets.
Current Price Momentum
At the time of writing, WIF is trading around $3.32, marking a gain of over 6.5% in the last 24 hours. During this period, trading volume has also surged by 25%, signaling increased trader activity amid the current bullish trend. This heightened participation points to a growing confidence in WIF’s potential to rise further.
As WIF continues to navigate the market with promising indicators and strong community support, it remains a cryptocurrency to watch closely. Traders and investors are advised to keep an eye on developing trends and market signals to make informed decisions.
