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<p>The post <a href="https://coinpedia.org/news/dogwifhat-wif-price-rally-imminent-key-metrics-indicate-bullish-move/">Dogwifhat (WIF) Price Rally Imminent? Key Metrics Indicate Bullish Move</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The popular Solana-based meme coin Dogwifhat (WIF) price is poised for a massive upside rally due to the bullish outlook from its on-chain metrics. Despite the recent price drop across the cryptocurrency market, WIF’s open interest has continuously risen since the beginning of September 2024, according to CoinGlass data.</p> 
<h2 class="wp-block-heading" id="h-rising-open-interest-and-positive-funding-rate"><strong>Rising Open Interest and Positive Funding Rate</strong></h2> 
<p>The rise of open interest means that the number of Dogwifhat futures contracts, despite expiry or closures, is continuously increasing. It has grown by 16% from $199 million to $226 million. This shows the rising interest of investors and traders.&nbsp;</p> 
<p>To support this bullish outlook, Coinglass’s WIF OI-Weighted funding rate is currently positive suggesting that long traders expect the price to rise. The combination of rising <a href="https://www.coinglass.com/currencies/WIF" target="_blank" rel="noreferrer noopener nofollow">open interest </a>and positive funding rates signals a strong bullish sentiment.</p> 
<h2 class="wp-block-heading" id="h-dogwifhat-technical-analysis-and-upcoming-levels"><strong>Dogwifhat Technical Analysis and Upcoming Levels</strong></h2> 
<p>In addition to the bullish outlook from on-chain metrics, expert technical analysis suggests a massive price rally in the coming days. Since August 2024, WIF has been trading in a parallel channel pattern, and it is currently at the bottom of this pattern.</p> 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="449" src="https://image.coinpedia.org/wp-content/uploads/2024/09/05195707/WIFUSDT_2024-09-05_19-56-44-1024x449.png" alt="" class="wp-image-347641" srcset="https://image.coinpedia.org/wp-content/uploads/2024/09/05195707/WIFUSDT_2024-09-05_19-56-44-1024x449.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/09/05195707/WIFUSDT_2024-09-05_19-56-44-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/09/05195707/WIFUSDT_2024-09-05_19-56-44-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/09/05195707/WIFUSDT_2024-09-05_19-56-44-1536x673.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/09/05195707/WIFUSDT_2024-09-05_19-56-44-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/09/05195707/WIFUSDT_2024-09-05_19-56-44.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px">
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  Source: Trading View
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</figure> 
<p>Based on the historical price momentum, whenever the <a href="https://coinpedia.org/crypto-live-news/dogwifhat-wif-memecoins-largest-whale-increases-holding-by-adding-over-600k-tokens/">WIF price</a> falls to the bottom of the pattern it tends to experience a price surge of over 20%.&nbsp; This time, there is a strong possibility it could rise by 20% to the $2.05 level. Currently, the Relative Strength Index (RSI) is in an oversold territory suggesting price reversal may be ahead ahead.</p> 
<h2 class="wp-block-heading" id="h-dogwifhat-wif-price-and-expert-views"><strong>Dogwifhat (WIF) Price and Expert Views</strong></h2> 
<p>On September 3, 2024, a crypto expert made a post on X (previously Twitter) citing that nobody is ready for the V reversal that’s about to happen. This statement indicates the overall bullish structure of WIF across the crypto landscape.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">perfect channel retest on <a href="https://twitter.com/search?q=%24wif&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$wif</a>.<br><br>nobody is ready for the V reversal thats about to happen<a href="https://t.co/zHX9WYRMOM">https://t.co/zHX9WYRMOM</a> <a href="https://t.co/zfNKDI85an">pic.twitter.com/zfNKDI85an</a></p>— Bluntz (@Bluntz_Capital) <a href="https://twitter.com/Bluntz_Capital/status/1830790382256562642?ref_src=twsrc%5Etfw">September 3, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>At press time, WIF is trading near $1.61 and has experienced a price surge of over 7% in the last 24 hours. Meanwhile, its open interest has also increased by 8% during the same period, indicating growing interest from investors and traders amid a bullish outlook.</p>

Dogwifhat (WIF) Price Rally Imminent? Key Metrics Indicate Bullish Move

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