Over the past seven days, WIF is up 54%. Market sentiment remains bullish and WIF is targeting USD 4,009.
Altcoins are also experiencing a market rebound after #bitcoin recovered from a two-month low, rising 11% in recent weeks to trade at USD 66k. According to coinmarketcap, the market value of #WIF has risen 2.3% to $2.5 billion in the last 24 hours.
the recent rise has led to speculation in the crypto community, with some optimistic of a sustained uptrend.
According to AMBCrypto's analysis, WIF is in a sustained uptrend and may continue to rise in the short term.
The 92.86% Aroon Up line is currently above the 28.57% Aroon Down line. This indicates that the recent highs are more than just a pattern and reflect a stronger bullish trend.
When assets are structured this way, the potential for sustained upside is higher.
Similarly, the Directional Directional Index (DMI) has a positive index of 26.27 over a negative index of 25.9, further confirming a strong uptrend. While the positive index has increased, the negative index has decreased over the past week.
In addition, the WIF Relative Strength Index (RSI) is at 62, indicating strong buying pressure; as the RSI is above the RSI-based MA of 49, the #cryptocurrency is dominated by buyers, setting the stage for further price gains.
In addition, Coinglass analysis shows that open interest in WIF has increased over the past week. Last week, open interest increased from $218 million to $370 million.
This suggests that investors are opening new positions while holding existing ones, indicating confidence in the future direction of cryptocurrencies.
Finally, there were more liquidations of short positions than long positions. This indicates that investors who are biased against the market are exiting their positions, while those who are long are paying a premium to maintain their positions. This is a bullish signal.
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