Dogwifhat (WIF), the favored Solana-based meme coin has been making waves within the cryptocurrency panorama with its spectacular efficiency. On November 11, 2024, WIF with a worth achieve of over 16%, fashioned a robust bullish worth motion sample. It now seems poised for a possible 50% rally within the coming days.
This bullish outlook could possibly be fueled by present market sentiment, constructive worth motion, and heightened buyers’ and merchants’ curiosity within the ongoing bullish market sentiment.
Dogwifhat (WIF) Technical Evaluation and Upcoming Stage
Based on knowledgeable technical evaluation, the latest worth surge has brought on WIF to interrupt out from a vital resistance stage of $2.9, which acts because the neckline for an inverted head-and-shoulder worth motion sample on a weekly time-frame.
This resistance breakout in WIF has shifted the sentiment to strongly bullish and follows a notable interval of worth correction and consolidation, indicating a constructive outlook for the meme coin.
Based mostly on latest worth motion and historic momentum, if WIF closes its each day candle above the $3.05 stage, there’s a robust chance it might rise by 53% to achieve $4.7 within the coming days.
This bullish projection is additional supported by WIF’s latest golden crossover, the place the 50-day Easy Transferring Common (SMA) crossed above the 200-day SMA on the each day time-frame, a sample that always precedes important asset progress.
Bullish On-Chain Metrics
Along with this technical evaluation, on-chain metrics additional help WIF’s constructive outlook. Based on the on-chain analytics agency Coinglass, WIF’s Lengthy/Quick ratio at present stands at 1.04, indicating robust bullish sentiment amongst merchants.
Moreover, its open curiosity (OI) factors to important dealer participation as the value breaks by way of the essential stage, suggesting potential for a notable upside rally. Based on latest knowledge, WIF’s open curiosity (OI) has elevated by 13% over the previous 24 hours and 9.8% up to now 4 hours, indicating heightened participation in comparison with the day gone by.
The mix of those on-chain metrics with technical evaluation means that bulls are at present dominating the asset and supporting WIF in its upcoming rally.
Present Value Momentum
At press time, WIF is buying and selling close to $3.05 and has gained over 12% up to now 24 hours. Throughout the identical interval, its buying and selling quantity jumped by 71%, indicating notable participation from merchants and buyers.
