Trader Says ‘Nobody is Ready’ for DogWifHat Reversal: WIF Price Breakout?
WIF has gained 8.09% in 24 hours, leading a meme coin rise of 1.86%. Many traders expect a big move after this rise.
Today's gain lifts WIF from its previous slump, down 2.04% since last Thursday, outperforming other joke currencies.
This excellent performance has revived interest in WIF, with its trading volume topping at $350 million in 24 hours.
WIF's price may rise to $2.40, a level not seen since July 30, according to several dealers. Recent technological advances inspire confidence.
Bluntz announced a “Perfect channel retest” on the WIF chart on September 3rd X, signaling the asset may rise significantly.
Other analysts agree, calling WIF “ready for its next leg up.”
The amount of WIF futures contracts that have yet to be settled or expire rose 14% to $$231.48 million in the previous 24 hours, according to CoinGlass data, indicating that traders are taking notice.
A 50% price hike to $2.40 is possible. However, closer examination reveals this may be Stage 1 of a larger story driving WIF 6x from present pricing.
Despite breaking above resistance at $1.58 yesterday, WIF is yet to confirm. If it holds and turns this level to support, it would confirm a move higher, eliminating any near-term negative worry.
Stronger momentum indications suggest further upside. WIF's Chaikin Money Flow (CMF) has finally turned positive at +0.06, following a protracted period of stagnation. This suggests a rally due to reduced selling pressure.
Despite this, the Relative Strength Index (RSI) remains below the neutral line at 48, indicating that WIF is bearish.
However, a recent MACD crossing above the Signale line implies the Bulls are taking the lead.
