Brief description
Dogwifhat (WIF) price is in an ascending channel, a breakout of which could trigger a 21% rally.
Investors are showing bullish sentiment, albeit slowly towards a rebound, which is evident in the increase in open interest.
The broader market cues are also positive, which is key for memecoin to break above the $4 resistance level.
The dogwifhat (WIF) price is moving inside a bullish ascending channel, which suggests that the memecoin has the potential for a rebound.
With the support of investors, WIF is likely to complete the projected price increase in the coming days.
Dogwifhat investors appear optimistic
WIF prices are rising and are likely to continue rising due to bullish clues noted in investor behavior. The evidence of the same is in the open interest. Open interest refers to the total number of open futures contracts that have not yet been settled. It reflects the level of investor interest and the likelihood of market volatility.
Over the past three weeks, open interest has increased by $85 million. Although the growth is slow, it shows that investors are pouring money into altcoins and betting on their future. Since the funding rate is now positive, traders are likely to make bullish bets and enter long contracts.
Welcome to join us - how to layout, what varieties to layout, how to maximize the profit strategy, see the homepage click here 👉Follow Home Page
This will be beneficial for WIF prices to rise.
Meanwhile, broader market cues also support a clear increase in the Moving Average Convergence Divergence (MACD). MACD is a trend-following momentum indicator that shows the relationship between two moving averages of an asset's price. It consists of two lines - the MACD line and the signal line - that are used to identify potential buy and sell signals.
Currently, the indicator is showing a bullish crossover with the histogram showing rising green bars. This indicates an increase in bullish sentiment in the market.
Therefore, there is a chance that WIF price will rise soon.
WIF Price Prediction: Rally Ahead?
WIF is priced at $3.16, which is below the $3.18 resistance level, which has historically been a critical level. Turning this resistance into support would support price increases, which is what the memecoin deserves.
Trading within an ascending channel, WIF price is expected to rise by 21% upon a breakout. An ascending channel is a technical chart pattern characterized by price moving between two upward sloping parallel lines. This often interprets the pattern as a bullish sign, indicating continued upward momentum.
The bullish clues support the possibility of a breakout if the $3.5 price level transitions into a support area.
On the other hand, if the breakout above $3.18 fails, a drop to $2.75 is likely. This will invalidate the bullish thesis and extend the decline to $2.36
