😱🚀Dogwifhat is looking for big breakout potential, it could happen soon🐶🔥
As of August 10, 2024, the meme coin market is fairly calm. Top coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have seen small gains of 0.5%, 1.2%, and 1.35%, respectively, in the last 24 hours. In contrast, Dogwifhat (WIF), a meme coin on the Solana blockchain, is making headlines with a notable 8% price increase.
What’s driving this unexpected rally? And can WIF keep the momentum up?
#WIF Performance Analysis
$WIF ’s price has climbed to about $1.81 and even hit $1.94 in the past 24 hours. Despite this, its trading volume has decreased by 20%, suggesting that fewer traders are involved. On the bright side, WIF’s open interest, which tracks ongoing contracts, has risen by over 7%, according to the on-chain analytics firm CoinGlass.
Key Dogwifhat (WIF) Technicals
Technical analysis shows a promising outlook for WIF. The coin recently broke out of a bullish inverted head and shoulders pattern on a 4-hour chart, a positive sign. It also successfully retested this breakout level, further indicating potential growth.
If market sentiment remains favorable, WIF could potentially rise by 25% to reach $2.20 in the coming days. To achieve this, WIF needs to stay above the $1.65 support level. However, it might encounter resistance near $2 due to the 200 Exponential Moving Average (EMA).
Liquidation Levels to Watch
As of now, WIF’s major liquidation levels are near $1.758 on the lower side and $1.95 level on the upper side.
If the sentiment remains unchanged and WIF’s price reaches to $1.95 level, nearly $12.62 million of short positions will be liquidated. Conversely, if the price falls to the $1.758 level, nearly $3.37 million of long positions will be liquidated.
