WIF shows strong bullish potential on the charts.
WIF has formed a symmetrical triangle pattern, indicating its potential to break through historical highs.
Technical indicators support the possibility of an imminent rebound, while other indicators suggest minimal downside risk.
The bullish momentum of dogwifhat [WIF] has been further strengthened after a significant weekly increase of 48.19%, and this upward trend has continued into the daily time frame, with prices soaring again by 27%, laying the foundation for further increases.
However, various indicators provide different views on the extent of the increase, offering multiple insights into the asset's price trend.
The symmetrical triangle gives WIF an advantage.
WIF is currently in a symmetrical triangle pattern, which is often seen as a bullish catalyst, typically followed by the price moving towards the peak of the channel, and it may even surpass the peak of the channel.
In this case, the peak of the channel is expected to be 4.860 USD. To fully realize the rebound and trigger a significant rise, WIF must first break through the resistance line at 2.918 USD, which may turn into a support level.
From this point, the short-term target is 4.080 USD, and the secondary target is 4.860 USD, paving the way for WIF to possibly reach a new high.
Further analysis from AMBCrypto indicates that the asset may see an increase in the short term.
Indicators show that WIF will continue to rise.
Using the Aroon line, AMBCrypto has identified a bullish-dominated market trend, which may further drive the rise of WIF.
The Aroon line is a technical indicator used to assess the strength and direction of a trend. It consists of two parts: the Aroon Up line (orange) and the Aroon Down line (blue).
When the Aroon Up line is above the Aroon Down line, it indicates bullish market sentiment. Currently, the Aroon Up line is at 100.00%, while the Aroon Down line is at 50.00%, suggesting that the market may maintain its bullish momentum.
In addition, the relative strength index (RSI), which measures market momentum speed and changes, is on an upward trend and remains in positive territory.
The current RSI reading is 66.27, indicating strong bullish sentiment, and if this trend continues, WIF will rise further.
Sentiment is mixed, but mostly remains neutral.
The indicator tracking the number of unsettled derivative contracts shows that the number of open contracts has increased significantly by 23.27%, putting it in a favorable position.
This positive positioning indicates that long positions have been actively opened in the past 24 hours, totaling a value of 549.55 million USD.
On the other hand, liquidation data shows that the long and short liquidation amounts are nearly equal, indicating a neutral market sentiment.
The long liquidation amount is 4.3 million USD, while the short liquidation amount is 4.52 million USD. Additionally, the long/short ratio is 0.9786, close to neutral territory.
These indicators turning towards a more bullish trend could lead to a significant rise in WIF.
