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Dogwifhat ($WIF), the popular Solana-based meme coin gained massive attention in the past few days due to its impressive price surge of over 150%. However, the meme coin has been continuously falling and has now found support at the golden Fibonacci ratio of 0.618 level.
Bullish Indicators on $WIF Charts
Besides finding support at the golden ratio, $WIF is also benefiting from Solana (SOL) as it approaches its all-time high. Additionally, the meme coin’s charts on both the four-hour and daily timeframes appear highly bullish, signaling a potential notable upside 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 pole price action pattern. Meanwhile, on the daily timeframe, the meme coin is forming a bullish engulfing candlestick pattern. This price action on both timeframes 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 it could soar by 85% to reach its all-time high (ATH) of $6.
Currently, the meme coin is trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating an uptrend. Meanwhile, $WIF’s Relative Strength Index (RSI) signals major rally incoming.
Bullish On-Chain Metrics
With this bullish price action pattern and Solana’s upward momentum, $WIF is currently attracting traders, resulting in a significant rise in open interest (OI), as reported by the on-chain analytics firm Coinglass. According to recent data, $WIF’s OI has increased by 7.5% in the past 24 hours and 5.2% in the past four hours.
This growing OI indicates a 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 reaching its target.
Current Price Momentum
At press time $WIF is trading near $3.32 and has registered a price gain of over 6.5% in the past 24 hours. During the same period, its trading volume surged by 25%, indicating increased participation from traders amid a bullish price action pattern.