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- Dogwifhat shows huge potential for upward movement after recent price dips.
- A critical trendline retest indicates possible bullish momentum for WIF.
- Strong trading volume signals heightened interest and market sentiment for Dogwifhat.
Following some setbacks, Dogwifhat (WIF) is now showing signs of upward movement with increasing market activity. With rising trading volume and a critical trendline retest, analysts’ predict WIF will break out to new heights soon, as the post below highlights.
$WIF has respected the support making 2 bullish engulfers on the support and now pushing back up towards resistance, this time making a higher low. We could potentially continue past the resistance. #Crypto #memecoin #dogwifhat pic.twitter.com/QjgGn56A9v
— Tradinvestor (@Tradinvestlysis) October 24, 2024
WIF’s Price Action and Resistance Levels
WIF’s recent performance tells an intriguing story. The coin dropped over 5% in the last 24 hours and more than 11% this past week. However, a brighter picture emerges from the past 30 days, showing a significant uptick.
Daily trading volume jumped to over $490 million, marking a 36% rise. A volume-to-market cap ratio of 21% indicates strong interest despite recent price dips. Analysts believe WIF might be in a correction phase, preparing for a rebound.
Looking at the WIF/USDT trading pair, WIF broke above a significant 3-day trendline. This movement suggests a potential end to the recent bearish trend. After this breakout, WIF retested a key resistance level, now acting as support.
This support level holds against downward pressure, helping WIF maintain a steady path above a descending trendline. Notably, the relative strength index now sits above the neutral zone.
Market Sentiment and Open Interests
On the derivatives front, WIF’s Open Interest (OI) Ratio for options and futures stands at 30%. This figure shows traders prefer futures contracts over options. A lower percentage of options OI implies a focus on directional bets.
This trend indicates a strong sentiment toward price movement. Lower volatility expectations may exist, as futures typically attract traders seeking direct price exposure.
Overall, recent price activity, combined with a low options ratio and positive market sentiment, positions WIF as a compelling token. With a potential memecoin cycle on the horizon, dogwifhat is worth your consideration.