Dogwifhat (WIF), the popular Solana-based meme coin, gained massive attention in recent days due to its impressive price increase of over 150%. However, the meme coin has been steadily declining and has now found support at the gold Fibonacci level of 0.618.
Bullish indicators on WIF charts
In addition to golden ratio support, WIF is also benefiting from Solana (SOL) as it approaches its all-time high. Moreover, the meme coin’s charts on both the four-hour and daily time frames appear very bullish, indicating a potentially notable upward rally in the coming days.
WIF price forecast for November 2024
According to expert technical analysis, WIF has broken the bullish flag and pool price action pattern. Meanwhile, on the daily time frame, the meme coin is forming a bullish engulfing candlestick pattern. This price action on both time frames indicates bullish momentum for WIF holders and suggests a potential upside rally in the coming days.
Based on recent price action and historical momentum, if WIF breaks out of the flag and pole price action pattern and closes a four-hour candle above the $3.4 level, there is a strong possibility that it could rise 85% to reach its all-time high. high (ATH) of $6.
Currently, the meme coin is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. Meanwhile, WIF’s Relative Strength Index (RSI) signals a big rally on the way.
Bullish statistics in the chain
With this bullish price action pattern and Solana’s upward momentum, WIF is currently attracting traders, resulting in a significant increase in open interest (OI), as reported by on-chain analytics firm Coinglass. According to recent data, WIF’s OI is up 7.5% in the last 24 hours and 5.2% in the last four hours.
This growing OI indicates strong interest from traders in the meme coin.
In addition to the growing OI, WIF’s current Long/Short ratio stands at 1.078, reflecting strong bullish market sentiment among traders.
The combination of these on-chain metrics and technical analysis suggests that bulls are currently dominating the asset, potentially supporting WIF in achieving its goal.
Current price momentum
At the time of writing, WIF is trading around $3.32 and has registered a price gain of over 6.5% in the last 24 hours. During the same period, trading volume increased by 25%, indicating increased trader participation amid a bullish price action pattern.
Credit : coinpedia.org
