Based

Solana

Million

<ul class="list-ic vertical">
 <li>1 <a>Intraday open interest in the cryptocurrency stands at $509.387 Million, signaling an increase in the number of active positions.</a></li>
 <li>2 <a>Technical analysis suggests a potential upward movement in the near future, with the 50-day exponential moving average (EMA), indicating a bullish short-term trend.</a></li>
</ul>
Dogwifhat, known as a meme cryptocurrency, which has been built over the Solana platform, whicch happens to be inspired by the Dogwifhat meme.
Similar to other dog-themed tokens like BONK, FLOKI, and BONE, WIF’s price value and popularity are driven by community support and social media rather than traditional financial metrics or any utility.&nbsp;
Moreover, Dogwifhat crypto has very high liquidity based on its market cap, resulting in a volume/market cap ratio of 23.49%. Additionally, the trading volume of the crypto has increased by 30% in the last 24 hours.
Volatility is high on the WIF chart, the fear and greed index reads 72.
<h2 class="wp-block-heading" id="strong-dogwifhat-wif-crypto-derivatives-analysis-strong">Dogwifhat&nbsp; (WIF) Crypto Derivatives Analysis</h2>
The Dogwifhat cryptocurrency has experienced increased long liquidations in recent days, indicating that the price has been predominantly influenced by bullish activity.
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="273" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-379-1024x273.png" alt="DogWifHat" class="wp-image-207316" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-379-1024x273.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-379-300x80.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-379-768x205.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-379-1536x410.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-379-750x200.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-379-1140x304.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-379.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
WIF Total Liquidations Chart | By CoinGlass
According to data from Coinglass, the open interest in the cryptocurrency has risen and stands at $509.387 Million in the past 24 hours, signaling an increase in the number of active positions.
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="266" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-380-1024x266.png" alt="DogWifHat" class="wp-image-207317" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-380-1024x266.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-380-300x78.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-380-768x199.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-380-1536x398.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-380-750x195.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-380-1140x296.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-380.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
WIF Futures Open Interest | By Coinglass.com
The long/short ratio for the <a href="https://www.thecoinrepublic.com/2024/05/04/paypal-users-can-now-purchase-cryptocurrency-using-moonpay/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency </a>stands at 0.9677, with recorded long liquidations amounting to $983.11 K and short liquidations totaling $1.36 Million.
<h3 class="wp-block-heading" id="strong-is-wif-about-to-skyrocket-strong">Is WIF About to Skyrocket?</h3>
At press time, the WIF was trading at $3.7490, and its market capitalization was $3.82 Billion. It has demonstrated good performance over the past 3 months, as the price structure grew by 335.64% on the daily chart.
The WIF cryptocurrency’s price is currently consolidating strongly, facing resistance at both the upper and lower boundaries, and has risen to a higher level.&nbsp;
Technical analysis of WIF chart suggests a potential breakout to the upside, supported by the cryptocurrency’s historical trend. Recent candlesticks on the chart show bullish characteristics, indicating a possible upward movement in the near future.
Based on these signals, there is a higher chance that WIF price will continue its upward trend, breaking out of the consolidation range and moving towards higher levels.
On WIF daily chart, the 50-day exponential moving average aligns with the overall price action, and the current price is trading above this EMA, suggesting a bullish short-term trend. 
<a href="https://in.tradingview.com/chart/WIFUSD/b92pNhOV-the-MACD-indicator-reflects-the-strength/" rel="noopener noreferrer nofollow"></a><a href="https://in.tradingview.com/u/Sam_TCR/" rel="noopener noreferrer nofollow"></a><a href="https://in.tradingview.com/" rel="noopener noreferrer nofollow"></a> 
However, the MACD indicator reflects the strength of the cryptocurrency’s trading price. The MACD and the signal line have crossed in a bullish trajectory.
The RSI has crossed above the 50 level and remained above it, followed by a break above the 14-day SMA. The support levels for the Dogwifhat crypto are $1.10 and $1.970, with resistance levels at $4.8 and $6.0.
<h3 class="wp-block-heading" id="strong-summary-strong">Summary</h3>
WIF’s price is currently consolidating strongly, facing resistance at both upper and lower boundaries, with potential for a breakout to the upside.
Moreover, Technical analysis suggests a potential upward movement in the near future, with the 50-day Exponential Moving Average indicating a bullish short-term trend.
The MACD indicator reflects strength in the cryptocurrency’s trading price, and the RSI has crossed above the 50 level with support levels at $1.10 and $1.970, and resistance levels at $4.8 and $6.0.

DogWifHat (WIF) Consolidating, Is It About To Sky Rocket?

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