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DogWifHat (WIF) Consolidating, Is It About To Sky Rocket?

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Dogwifhat, known as a meme cryptocurrency, which has been built over the Solana platform, whicch happens to be inspired by the Dogwifhat meme.

Similar to other dog-themed tokens like BONK, FLOKI, and BONE, WIF’s price value and popularity are driven by community support and social media rather than traditional financial metrics or any utility. 

Moreover, Dogwifhat crypto has very high liquidity based on its market cap, resulting in a volume/market cap ratio of 23.49%. Additionally, the trading volume of the crypto has increased by 30% in the last 24 hours.

Volatility is high on the WIF chart, the fear and greed index reads 72.

Dogwifhat  (WIF) Crypto Derivatives Analysis

The Dogwifhat cryptocurrency has experienced increased long liquidations in recent days, indicating that the price has been predominantly influenced by bullish activity.

DogWifHat

WIF Total Liquidations Chart | By CoinGlass

According to data from Coinglass, the open interest in the cryptocurrency has risen and stands at $509.387 Million in the past 24 hours, signaling an increase in the number of active positions.

DogWifHat

WIF Futures Open Interest | By Coinglass.com

The long/short ratio for the cryptocurrency stands at 0.9677, with recorded long liquidations amounting to $983.11 K and short liquidations totaling $1.36 Million.

Is WIF About to Skyrocket?

At press time, the WIF was trading at $3.7490, and its market capitalization was $3.82 Billion. It has demonstrated good performance over the past 3 months, as the price structure grew by 335.64% on the daily chart.

The WIF cryptocurrency’s price is currently consolidating strongly, facing resistance at both the upper and lower boundaries, and has risen to a higher level. 

Technical analysis of WIF chart suggests a potential breakout to the upside, supported by the cryptocurrency’s historical trend. Recent candlesticks on the chart show bullish characteristics, indicating a possible upward movement in the near future.

Based on these signals, there is a higher chance that WIF price will continue its upward trend, breaking out of the consolidation range and moving towards higher levels.

On WIF daily chart, the 50-day exponential moving average aligns with the overall price action, and the current price is trading above this EMA, suggesting a bullish short-term trend.

However, the MACD indicator reflects the strength of the cryptocurrency’s trading price. The MACD and the signal line have crossed in a bullish trajectory.

The RSI has crossed above the 50 level and remained above it, followed by a break above the 14-day SMA. The support levels for the Dogwifhat crypto are $1.10 and $1.970, with resistance levels at $4.8 and $6.0.

Summary

WIF’s price is currently consolidating strongly, facing resistance at both upper and lower boundaries, with potential for a breakout to the upside.

Moreover, Technical analysis suggests a potential upward movement in the near future, with the 50-day Exponential Moving Average indicating a bullish short-term trend.

The MACD indicator reflects strength in the cryptocurrency’s trading price, and the RSI has crossed above the 50 level with support levels at $1.10 and $1.970, and resistance levels at $4.8 and $6.0.

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