Dogwifhat(WIF), the popular Solana-based meme coin got huge attention in the previous couple of days due to its outstanding rate rise of over 150%. The meme coin has actually been continually falling and has actually now discovered assistance at the golden Fibonacci ratio of 0.618 level.
Bullish Indicators on WIF Charts
Discovering assistance at the golden ratio, WIF is likewise benefiting from Solana (SOL) as it approaches its all-time high. Furthermore, the meme coin's charts on both the four-hour and everyday timeframes appear extremely bullish, indicating a possible noteworthy advantage rally in the coming days.
WIF Price Prediction for November 2024
According to professional technical analysis, WIF has actually broken out of a bullish flag and pole rate action pattern. On the day-to-day timeframe, the meme coin is forming a bullish engulfing candlestick pattern. This rate action on both timeframes shows bullish momentum for WIF holders and recommends a prospective advantage rally in the coming days.
Source: Trading View
Based upon current rate action and historic momentum, if WIF breaks out of the flag and pole rate action pattern and closes a four-hour candle light above the $3.4 level, there is a likelihood it might skyrocket by 85% to reach its all-time high (ATH) of $6.
Presently, the meme coin is trading above the 200 Exponential Moving Average (EMA) on the everyday timeframe, showing an uptrend. WIF's Relative Strength Index (RSI) signals significant rally inbound.
With this bullish rate action pattern and Solana's upward momentum, WIF is presently bring in traders, leading to a considerable increase in open interest (OI), as reported by the on-chain analytics firm Coinglass. According to current information, WIF's OI has actually increased by 7.5% in the previous 24 hours and 5.2% in the previous 4 hours.
This growing OI suggests a strong interest from traders in the meme coin.
In addition to the growing OI, WIF's existing Long/Short ratio stands at 1.078, showing strong bullish market belief amongst traders.
Source: Coinglass
The mix of these on-chain metrics and technical analysis recommends that bulls are presently controling the property, possibly supporting WIF in reaching its target.
Existing Price Momentum
At press time WIF is trading near $3.32 and has actually signed up a rate gain of over 6.5% in the previous 24 hours. Throughout the exact same duration, its trading volume rose by 25%, showing increased involvement from traders amidst a bullish cost action pattern.
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