Dogwifhat price makes a comeback as WIF price rallies 76% in 30 days — What’s next?
Release: 2024/10/18 21:29 Reading: 915
Dogwifhat's Surge Continues with Price Gains and Technical Breakouts
Dogwifhat (WIF), the dominant Solana-based memecoin by market cap, extends its uptrend initiated on September 8th. From its September 6th low of approximately $1.4, WIF has surged by 112%, reaching a four-month peak of $2.97 on October 16th.
Data from Cointelegraph Markets Pro and TradingView indicates that WIF is currently trading at $2.63, representing a 3% surge over the past 24 hours and a 76% gain over the past month.
Factors Fueling WIF's Price Momentum
1. Correlation with Other Memecoins
WIF's bullish performance coincides with gains across other top memecoins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), which have rallied significantly in the past week.
2. Strong Monthly Returns
Among the top memecoins, WIF has witnessed the most impressive monthly performance, with 30-day returns approaching 76%. This exceeds the gains of DOGE (34%) and SHIB (43%).
3. Exceptionally Strong 2024 Performance
WIF has also excelled in 2024, with year-to-date returns reaching approximately 1,392%, second only to the ChatGPT-coded memecoin Turbo (TURBO), which has soared by 4,570%.
4. Increasing Open Interest (OI)
WIF's price surge in the past month has been accompanied by a significant increase in its OI. OI, a metric that measures the number of outstanding derivative contracts, has risen by 50% since October 4th to a five-month high of $480.2 million on October 15th.
5. Demand for Leveraged Long Positions
Increased demand for leveraged long positions in WIF is indicated by a rising OI-weighted futures funding rate. This suggests that futures traders are bullish and anticipate future price increases.
Technical Analysis
The WIF price action has formed an ascending parallel channel since early September, characterized by higher highs and lower lows. Key levels to monitor include:
- Support: $2.50
- Resistance: $2.91 and $3.42
A break above $2.91 could lead to further upward momentum, while a decline below $2.50 would indicate a potential reversal.
Caution for Futures Traders
Futures traders should note that a total of $22.92 million in short positions are at risk of liquidation if WIF recovers to $3. Conversely, a 5% decline to $2.5 would wipe out $3.84 million in long positions.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
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