WIF price saw a 12% increase in value as Dogwifhat, a Solana-based project, leads the charge in the memecoins in the cryptocurrency market today, with . After several days of Bitcoin (BTC) trading sideways, and losing value, it is finally heading back up, inching towards $60,000.
As a resonating effect, the meme coin market has experienced notable movement in the past 24 hours and Dogwifhat is leading the way. Intraday, BTC rose nearly 2%, which boosted the overall market sentiment.
All top 100 cryptos are in a green bubble thanks to Bitcoin. WIF is currently trading at $1.60 and over the past 24 hours, its intraday ascent from an important support zone, displays that the level is strong.
The price is prepped to pierce the 20-day and 50-day EMA bands from below in one go.
WIF/USD 1.D. | Source: TradingView
If Dogwifhat takes off, cutting through EMA bands along with the descending trendline resistance of the third quarter of 2024, it would make the descending wedge pattern, a bullish pattern.
Most altcoins have charted some gains in the intraday session, after declining for the past 7 days. Some have solidified their positions after the fall, and the memecoin WIF has solidified its position at the nearest demand zone.
How Whale Activity is Impacting WIF Crypto
WIF’s recent advancement was partilally fueled by the recent accumulation by whales. A whale purchased 643,832 WIF tokens by using 1.4 million USDC. This trend indicates growing confidence in WIF’s potential resurgence, even after a 68% fall from yearly highs.
WIF remains the fourth-largest memecoin by market capitalization at $1.54 Billion, and is the top Solana-based memecoin.
Yesterday, the spot volume inflow surged by nearly 50% to $344.16 Million. These numbers signify that the price has witnessed increases in demand among investors and traders.
Derivatives Value Shows Traders are Optimistic
Coinglass data shows that derivatives volume inflow registered an intraday surge of 25% to $1.23 Billion. The rising volume shows that the demand for the token has advanced, followed by a rise in traders’ confidence.
Similarly, WIF further showed a surge in OI, where 8.27% of new contracts were opened, totaling $212.30 Million. This signifies that traders opened a large number of positions
Likewise, in intraday, the shorts in WIF have emerged victorious over longs. As of writing, shorts worth $1.11 Million were liquidated.
At the same time, longs worth $624.32K in the memecoin were liquidated. It highlighted that in the derivatives market, bullish interest was increased, and the likelihood of a rally in the coming sessions is high.
WIF Price Forecast
Over the daily chart, WIF formed support at the $1.4973 support zone, which is a key level, at the time of writing. The price has consecutively tested this zone by multiple attempts.
Now, if the bulls show high interest, the optimism could drive a further increase in the WIF price.
If the price breaks the trendline, the resistance would be $2.3119 and $3.0261. Failure to do so could lead back to the zone at $1.4973, and knocking that could lead to further drop in price.
