Based

bullish

2024

when

View

<p>The popular Solana-based Dogwifhat (WIF) meme coin is making waves in the cryptocurrency landscape with its impressive performance over the past 24 hours. On September 24, 2024, WIF topped the cryptocurrency market with a significant 16% upside rally and is currently trading near the $2.02 level.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-wif-price-momentum-nbsp"><strong>WIF Price Momentum&nbsp;</strong></h2>  
<p>Besides its impressive performance, WIF’s trading volume has also skyrocketed by 75% over the past 24 hours. This rising trading volume suggests higher participation from traders and investors following the breakout of the recent consolidation zone.</p>  
<p>It will be more interesting to see whether WIF will face selling pressure or continue to soar following a notable upside rally.</p>  
<h2 class="wp-block-heading" id="h-dogwifhat-wif-technical-analysis-and-upcoming-levels"><strong>Dogwifhat (WIF) Technical Analysis and Upcoming Levels</strong></h2>  
<p>According to CoinPedia’s technical analysis, WIF appears bullish and is currently facing strong resistance near the $2 level. This marks the third time since August 2024 that WIF has reached this level. Earlier whenever WIF reached this level it always faced selling pressure resulting in a price drop of over 30%.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/09/25000930/WIFUSDT_2024-09-25_00-09-16.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/25000930/WIFUSDT_2024-09-25_00-09-16-1024x448.png" alt="" class="wp-image-355062"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>  
<p>However, this time the market sentiment has shifted, and <a href="https://coinpedia.org/crypto-live-news/whale-accumulates-31-2m-wif-rakes-in-74m-profit-after-major-buy-at-1-76/" rel="noopener noreferrer nofollow">traders' and investors’</a> interest has skyrocketed. Based on the historical price momentum, if WIF closes its daily candle above the $2.06 level, there is a strong possibility that WIF could soar by 14% to reach the $2.4 level in the coming days.</p>  
<p>If this doesn’t happen, we may see a price reversal similar to those WIF has experienced in the past.</p>  
<h2 class="wp-block-heading" id="h-wif-s-bullish-on-chain-metrics-nbsp"><strong>WIF’s Bullish On-chain Metrics&nbsp;</strong></h2>  
<p>Currently, this positive outlook is further supported by on-chain metrics. According to the on-chain analytics firm <a href="https://www.coinglass.com/currencies/WIF" target="_blank" rel="noopener noreferrer nofollow">Coinglass</a>, the WIF long/short ratio currently stands at 1.03, the highest since August 2024, indicating bullish market sentiment among traders.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/09/25000829/jbnjednfjn.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/25000829/jbnjednfjn-1024x266.png" alt="" class="wp-image-355061"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>  
<p>Additionally, WIF’s future open interest has skyrocketed by 40% over the last 24 hours and by 10% over the past 10 hours. This rising open interest indicates that traders are betting more on long positions than short positions.&nbsp;</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/09/25000808/cinfdnj-1024x358.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/25000808/cinfdnj-1024x358.png" alt="" class="wp-image-355060"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>  
<p>Traders and investors often combine the rising open interest and long/short ratio above 1, when building long positions. With strong bullish on-chain metrics, it appears that WIF is set for a massive upside rally in the coming days.</p>

Coinpedia Fintech News

목차

CoinPedia News

2024년 9월 24일에 게재된 다른 기사

HTX reveals the future of Bitcoin DeFi: Babylon staking and fractal scaling

Hedera Becomes Founding Premier Member of Linux Foundation’s New Decentralized Trust Initiative

China’s Central Bank Announces Major Rate Cuts and Stimulus

BlockDAG’s 50% Bonus Promotion Draws Crypto Buyers: Are BNB and Dogecoin Whale in?

How Qubetics $TICS Addressing Cryptocurrency Volatility Through Strategic Solutions for Sustainab...

Coinpedia Fintech News

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!