Here’s Why Dogwifhat (WIF) Price Ready For New High
Dogwifhat (WIF) is a popular Solana-based meme token that has faced sufficient consolidation over the past few days. However, its current chart and price action appear to be very interesting, suggesting that it is about to reach new highs.
potential causes Wireless IF The positive outlook includes its current price action, bullish on-chain indicators, Solana (SOL)’s price surge, and favorable market sentiment.
Dogwifhat (WIF) Technical Analysis and Upcoming Levels
According to expert technical analysis, WIF is currently trading within a narrow range of a bullish descending triangle price action pattern and appears poised to breakout. Based on the recent price action, a breakout of this pattern and a close above $3.60 levels could see the price rise by 30% to reach $4.60 levels in the coming days.
However, if the price fails to hold key support and closes below $3.25 on a daily basis, there is a high chance of a significant price decline in the coming days.
Currently, technical indicators such as the 200 Exponential Moving Average (EMA) indicate that WIF is in an uptrend. Meme coin’s price is trading above the 200 EMA on the 4-hour time frame. Additionally, WIF’s relative strength index (RSI) further supports this bullish outlook.
According to the meme coin’s four-hour chart, the RSI is currently at 47.40. This RSI value indicates that WIF still has room to rise in the coming days. According to technical analysis, RSI values above 70 indicate overbought territory, while RSI values below 30 indicate oversold territory.
Current Price Momentum and Rising Open Interest
In addition to technical analysis, on-chain indicators further support WIF’s bullish outlook. According to on-chain analytics firm, WIF Open Interest It is up 6.7% in the past 24 hours, indicating increased trader participation and an increase in open interest compared to the previous session.
At press time, WIF was trading near $3.48, with the price surging more than 1.25% in the past 24 hours. During the same period, its trading volume fell by 12%, indicating reduced participation from traders and investors.
