Dogwifhat (WIF) Leads Meme Coins with Bullish Breakout

Despite many top meme coins struggling to gain momentum, Dogwifhat (WIF) has surged by 8%. The token is expected to rise by 25% to around $2.20 in the coming days. WIF’s open interest has also increased by over 7% in the last 24 hours.

As of August 10, 2024, Dogwifhat (WIF), a popular meme coin on the Solana network, is leading the meme coin market. In contrast, other well-known meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have shown only modest price increases of 0.5%, 1.2%, and 1.35% respectively in the last 24 hours.

Dogwifhat (WIF) Sees Significant Attention and Price Movement

Dogwifhat (WIF) has captured considerable attention from the crypto community with a notable price surge of over 8%. At press time, WIF is trading around $1.81 and recently reached a high of $1.94 within the last 24 hours. However, the trading volume for WIF has decreased by 20% during this period, suggesting reduced participation from traders.

Despite the drop in trading volume, WIF’s open interest is on the rise, having increased by over 7% in the last 24 hours, according to on-chain analytic firm CoinGlass. This indicates growing interest in the token even as trading activity fluctuates.

Technical Analysis: WIF Shows Bullish Potential

Expert technical analysis indicates that Dogwifhat (WIF) is showing bullish signs after recently breaking out of a bullish inverted head and shoulders pattern on the 4-hour time frame. The token has also successfully retested its breakout level, reinforcing its positive outlook.

If market sentiment remains favorable, WIF could rise by 25% to around $2.20 in the coming days, provided it stays above the $1.65 level. However, WIF might face some resistance near $2 due to the 200 Exponential Moving Average (EMA).

Currently, Dogwifhat (WIF) has key liquidation levels at $1.758 on the downside and $1.95 on the upside. If the market sentiment remains stable and WIF’s price reaches the $1.95 level, approximately $12.62 million worth of short positions could be liquidated. Conversely, if the price drops to $1.758, around $3.37 million in long positions could face liquidation.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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