Dogwifhat (WIF) Hits Golden Fib Level, Bulls Target 85% Rally
Dogwifhat (WIF), a popular Solana-based meme coin, has received a lot of attention over the past few days thanks to its impressive price surge of over 150%. However, the Meme coin has continued to decline and has now found support at the golden Fibonacci ratio level of 0.618.
Bullish indicator on WIF chart
In addition to finding support on the golden ratio, WIF also benefits from Solana (SOL) as it trades near all-time highs. Additionally, the memecoin’s charts appear highly bullish on both the four-hour and daily time frames, indicating the potential for a significant upward rally in the coming days.
WIF Price Prediction for November 2024
According to expert technical analysis, WIF has broken out of a bullish flag and extreme price action pattern. Meanwhile, on the daily time frame, the meme coin is forming a bullish engulfing candlestick pattern. The price action on both time frames indicates bullish momentum for WIF holders and suggests an upward rebound is likely in the coming days.
Based on recent price action and historical momentum, if WIF breaks out of the flag and extreme price action patterns and closes above $3.4 with a 4-hour candle, it has a good chance of surging 85% to all-time high levels. The highest price (ATH) is $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) suggests a major bounce is coming.
Bullish on-chain indicators
With this bullish price action pattern and Solana’s upward momentum, WIF is currently attracting traders, causing open interest (OI) to rise significantly, according to a report by on-chain analytics firm Coinglass. According to the latest data, WIF’s OI increased by 7.5% in the past 24 hours and by 5.2% in the past 4 hours.
This growing OI shows traders’ strong interest in meme coins.
In addition to the growing OI, WIF currently has a long/short ratio of 1.078, reflecting strong bullish market sentiment among traders.
A combination of these on-chain indicators and technical analysis suggests that bulls currently dominate the asset, potentially supporting WIF in achieving its goals.
Current Price Momentum
At press time, WIF was trading near $3.32, with prices up more than 6.5% in the past 24 hours. Its trading volume surged 25% during the same period, indicating increased trader participation amid bullish price action patterns.
