Dogwifhat (WIF) Set to Skyrocket, Eyes on $2.3

On September 19, 2024, after the rate of interest reduce announcement, Dogwifhat (WIF), the favored Solana-based meme coin, seems to be poised for important upside momentum. In current days, the general cryptocurrency panorama has struggled to realize momentum, however the rate of interest reduce announcement has modified the general market sentiment.

WIF worth efficiency

WIF is among the many high cryptocurrencies which have skilled a exceptional worth enhance. On the time of writing, it’s buying and selling close to $1.73 and has skilled a worth enhance of over 18% within the final 24 hours. Throughout the identical interval, curiosity from traders and merchants has skyrocketed. In keeping with Coinmarketcap, WIF buying and selling quantity has elevated by 175%.

WIF Technical Evaluation and Upcoming Ranges

After a powerful worth rise, WIF has damaged its essential resistance of a descending trendline and a horizontal stage at $1.69. Consultants recommend that this breakout is a bullish signal. If WIF closes a day by day candle above the $1.70 stage, there’s a good likelihood that it might rise 15% to achieve the $2 resistance stage.

Primarily based on historic worth momentum, this resistance stage is an space the place WIF worth has skilled important promoting strain, main to cost reversal. Nevertheless, if WIF breaks this resistance stage, we might see a big worth enhance in direction of the $2.4 stage. This bullish thesis will maintain if WIF closes its day by day candle above the $1.70 stage, in any other case it might fail.

Bullish statistics within the chain

At the moment, WIF’s bullish outlook is additional supported by on-chain metrics. Mint glass The lengthy/quick ratio at present stands at 1.004, indicating bullish market sentiment amongst merchants. Furthermore, WIF future open curiosity has risen 20% within the final 24 hours, displaying that bulls are betting extra on lengthy positions than on quick positions.

Merchants and traders usually use the mix of rising open curiosity and lengthy/quick ratios above 1 as they construct positions. Furthermore, WIF’s OI-weighted funding charge is optimistic, indicating bullish market sentiment.