Dogwifhat (WIF), the popular meme coin based on Solana, has gained significant attention in recent days due to an impressive price increase of over 150%. However, this meme coin has been continuously declining and has now found support at the Fibonacci golden ratio of 0.618.
Bullish indicators on the WIF chart
In addition to finding support at the golden ratio, WIF is also benefiting from Solana (SOL) as it approaches its all-time high. Furthermore, the chart of the meme coin across both the four-hour and daily timeframes appears very optimistic, signaling a potential notable price increase in the coming days.
WIF price prediction for November 2024
According to a technical analysis by experts, WIF has broken out of a flag price pattern and a bullish pole. Meanwhile, on the daily timeframe, the meme coin is forming a bullish engulfing candle pattern. This price action across both timeframes indicates bullish momentum for WIF holders and suggests a potential price surge in the coming days.
Based on recent price movements and historical momentum, if WIF breaks out of the flag and pole price pattern and closes a four-hour candle above $3.40, there is a strong likelihood that the price could surge 85% to reach an all-time high (ATH) of $6.
Currently, the meme coin is trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating an upward trend. Meanwhile, WIF's Relative Strength Index (RSI) signals a major price increase on the horizon.
Bullish On-Chain Index
With this bullish price action model and the upward momentum of Solana, WIF is currently attracting traders, leading to a significant increase in open interest (OI), according to the chain analysis firm Coinglass. According to recent data, WIF's OI has increased by 7.5% in the last 24 hours and 5.2% in the last four hours.
This growing OI indicates significant interest from traders in this meme coin.
In addition to the increasing OI, the current Long/Short ratio of WIF is 1.078, reflecting a strong bullish sentiment in the trading community.
The combination of on-chain metrics and technical analysis indicates that buyers currently dominate this asset, likely supporting WIF in achieving its target.
Current price momentum
At the time of the press release, WIF was trading at nearly $3.32 and had recorded a price increase of over 6.5% in the last 24 hours. During the same period, its trading volume surged by 25%, indicating increased participation from traders amidst the bullish price action.
