📈 Dogwifhat in golden zone: Can the memecoin hit $4.90 now?

🐶 Dogwifhat (WIF) Holds Strong
Despite major declines in the crypto market, Dogwifhat (WIF) has remained stable, consolidating between $3.02 and $3.37 within the 50%-61.8% Fibonacci golden zone. This tight range suggests a potential price reversal or continuation.

🐋 Rising Whale Activity
On-chain data from Coinglass shows whales have withdrawn $62.23 million worth of WIF tokens from exchanges, signaling confidence in the memecoin. Such large withdrawals often indicate a buying opportunity and hint at an upcoming rally.

📉 Decline in Trader Participation
While whales show confidence, traders appear cautious. Open Interest (OI) has dropped by 6% in the last 24 hours, reflecting reduced participation. This suggests traders may be waiting for a breakout from the ongoing consolidation phase.

📊 Technical Analysis Highlights
WIF is positioned at a key Fibonacci golden zone, a critical level for price direction. Maintaining support above $3 could pave the way for a 60% rally, potentially reaching $4.90.

📈 RSI Shows Room for Growth
The Relative Strength Index (RSI) for WIF stands at 50.56, indicating that the memecoin is neither overbought nor oversold. This suggests room for significant upward momentum in the near term.

📉 Current Trading Metrics
At press time, WIF is trading at $3.06, down 7% in the last 24 hours. Trading volume has also dropped by 47%, signaling reduced market activity. Despite this, bullish sentiment among whales could support an impending rally.