- WIF is expected to break past its all-time high at $4.86.
- Short-term selling pressure could lead to volatility; note the $3.9 level.
dog hat [WIF] is up 42% in the past 24 hours and is up more than 82.6% in the past seven days. The strong gains that Bitcoin [BTC] which means that there has not been a massive rush into the altcoin space lately.
Evidence of this was present on the Bitcoin Dominance chart. Despite this fact, bullish conviction in the crypto sphere is intense right now. The Crypto Fear and Greed Index stood at 86, indicating extreme greed – a byproduct of a bull run.
dogwifhat is challenging the all-time high and gearing up for more gains
Source: WIF/USDT on TradingView
Since bottoming on Monday, November 4, dogwifhat has risen 125.7%. The RSI stood at 80, surpassing the highs of March and September. This does not automatically mean that the market will retreat significantly.
The OBV also hit a new local high, meaning increased buying pressure as the meme coin soared. This was a strongly encouraging sign for holders and more reason for a bullish WIF price forecast.
The all-time high of $4.86 was nearly tested on November 13, with WIF rising to $4.83 before retreating to $3.92. The Fibonacci extension level of 61.8% has served as support there in recent hours.
In the North, the 200% expansion level at $6 is the next WIF price forecast target.
Short-term selling pressure is increasing
Open Interest increased from $360 million on November 11 to $611 million at the time of writing. The price has also increased by 71% during this time.
Together they showed high bullish conviction among speculators and healthy bidding in the futures market.
Realistic or not, here is the market cap of WIF in terms of BTC
The spot CVD started to decline in the last few hours. This was likely a short-term blip that could lead to volatility. The long-term trend remains firmly bullish.
Targets above $6 are also valid, while a drop below $3.9 would be an early sign of a deeper pullback.
Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer
Credit : ambcrypto.com
