Memecoins
WIF (dogwifhat) increases by 54% in the last 7 days
- WIF has increased by 54% over the past seven days.
- Market sentiment remains bullish with WIF targeting $4.009.
After Bitcoin recovered from a two-month low to trade at $66,000 with an 11% increase in the past few weeks, altcoins have also seen a market recovery.
With reduced volatility in the cryptocurrency market, Solana meme coins are experiencing a boom. dog hat [WIF] was experiencing a comeback after a sustained decline outperforming other meme coins.
At the time of writing, WIF was trading at $2.57 after rising 54% in the last 24 hours. CoinMarketCapWIF’s market capitalization jumped 2.3% to $2.5 billion in the past 24 hours.
The recent surge has sparked speculation within the crypto community, with some optimistic about a sustained uptrend.
What does the WIF price chart show?
AMBCrypto’s analysis shows that WIF is enjoying a sustained uptrend, with the potential for further gains in the near term.
At the time of writing, Aroon’s ascending line at 92.86% is above Aroon’s descending line at 28.57%. This shows that recent highs are more frequent than lows, reflecting a stronger uptrend.
When the asset is defined in this way, the potential for a sustained upward move is higher.
Source: Tradingview
Similarly, the Directional Movement Index (DMI) further supports a strong uptrend as the positive index at 26.27 sits above the negative index at 25.9.
The negative index has been falling for a week while the positive index is rising.
Source: Tradingview
Additionally, WIF’s Relative Strength Index (RSI) was at 62, suggesting strong buying pressure. With the RSI above its RSI-based moving average of 49, the cryptocurrency was experiencing buyer dominance, positioning it for further price action.
Source: Coinglass
Looking further, our Coinglass analysis shows that open interest for WIF has surged over the past week. Open interest has increased from $218 million to $370 million in the past week.
This shows that investors are opening new positions while holding existing ones, suggesting their confidence in the future direction of crypto.
Source: Coinglass
Finally, the liquidation of short positions was higher than that of long positions. This shows that those betting against the market are forced to exit their positions, while long positions are paying a premium to hold their positions. This is a bullish signal.
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After recovering from a decline below the $2 resistance, WIF is positioned for a sustained uptrend.
At press time, WIF was trading at $2.57, and if current market sentiment holds with bulls dominating, WIF will break out of the downtrend around $3.07 and target $4.009.