Dogwifhat (WIF) skyrockets 26%, Is $2.4 the next target?
Release: 2024/07/06 16:09 Reading: 230
After a significant decline in the cryptocurrency market, there appears to be a recovery underway.
Amidst this ongoing recovery, the world's leading cryptocurrencies, Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), have witnessed notable price surges: 4%, 4.5%, and 8% respectively over the past 24 hours.
Within this context, the popular Solana-based meme coin Dogwifhat (WIF) has garnered significant interest among investors and traders, experiencing a surge of over 26% during the same period.
Technical Analysis and Key Levels for WIF:
Driven by this substantial gain, WIF has emerged as a standout in the crypto market, particularly within the meme coin sector. The potential catalyst for this upswing is attributed to bullish chart patterns and price action exhibited by SOL and WIF on a daily time frame.
Technical analysts observe that WIF presents a bullish outlook, indicating a reversal from a crucial support level. Additionally, on a daily time frame, WIF forms a bullish double-bottom pattern accompanied by bullish divergence. Furthermore, Relative Strength is within the oversold territory, reinforcing the bullish sentiment.
Should WIF maintain a strong candle closing above $2 on the daily time frame, it may reach the $2.4 level or higher in the coming days. Notably, the open interest (OI) for WIF signals elevated interest and confidence among investors and traders, having surged close to 30%, as reported by on-chain analytics firm CoinGlass. This surge in interest further attracts traders to WIF.
WIF Price-Performance Analysis:
Presently, WIF is trading near $2, having rallied over 26% in the past 24 hours. Notably, its price rose from $1.59 to $2.01 within that period. Despite this significant surge, WIF's 24-hour trading volume has declined by 1%, possibly due to the overall bearish market sentiment.
Examining WIF's performance over more extended periods, it has faced a 4% decline in the past 7 days. However, excluding the recent 24-hour price surge, WIF remains 40% lower over the last 30 days.
Besides WIF, other prominent meme coins have also experienced notable gains in the past 24 hours. Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Bonk (BONK) have rallied significantly, with price increases of 14%, 16%, 15%, and 17% respectively during the same period.
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