Dogwifhat (WIF) Tops Crypto Market with 18% Gain, What’s Next?

The favored Solana-based Dogwifhat (WIF) meme coin is making waves within the cryptocurrency panorama with its spectacular efficiency over the previous 24 hours. On September 24, 2024, WIF led the cryptocurrency market with a major 16% upside rally and is at the moment buying and selling across the $2.02 stage.

WIF value momentum

Along with the spectacular efficiency, WIF’s buying and selling quantity has additionally elevated by 75% within the final 24 hours. This rising buying and selling quantity signifies better participation from merchants and traders following the breakout of the latest consolidation zone.

Will probably be extra attention-grabbing to see whether or not WIF will face promoting strain or proceed to rise after a notable upward rally.

Dogwifhat (WIF) Technical Evaluation and Upcoming Ranges

Based on CoinPedia’s technical evaluation, WIF seems bullish and is at the moment dealing with robust resistance close to the $2 stage. That is the third time since August 2024 that WIF has reached this stage. At any time when WIF has reached this stage earlier than, it has at all times confronted promoting strain, leading to a value drop of greater than 30%.

This time, nonetheless, market sentiment has modified and curiosity from merchants and traders has elevated dramatically. Primarily based on the historic value momentum, if WIF closes its each day candle above the $2.06 stage, there’s a robust chance that WIF might rise 14% to succeed in the $2.4 stage within the coming days.

If this does not occur, we might see a value turnaround just like what WIF has skilled prior to now.

WIF’s bullish on-chain metrics

At the moment, this constructive outlook is additional supported by on-chain metrics. Based on the on-chain analytics firm Mint glassthe WIF lengthy/brief ratio at the moment stands at 1.03, the very best stage since August 2024, indicating bullish market sentiment amongst merchants.

Moreover, WIF future open curiosity has shot up 40% within the final 24 hours and 10% within the final 10 hours. This rising open curiosity signifies that merchants are betting extra on lengthy positions than on brief positions.

Merchants and traders usually mix rising open curiosity and the lengthy/brief ratio above 1 when constructing lengthy positions. With robust bullish on-chain metrics, it appears like WIF will see an enormous upward rally within the coming days.