The crypto market has experienced increased momentum over the past three days, yet Dogwifhat has remained steady, with no major price fluctuations. This stability has given rise to a bullish pattern on the four-hour chart, signaling potential for an upward move. Experts believe that this stability, combined with positive market sentiment, could push WIF toward a breakout.
Key Levels and Resistance on the Daily Chart
Source: Trading View
As of November 9, 2024, WIF posted a 2.5% gain, bringing it closer to a critical resistance point. The coin has struggled with a descending trendline since mid-October, facing resistance that aligns with the 200-day Exponential Moving Average (EMA). Analysts suggest that breaching this resistance level and closing above the $2.5 mark could initiate a 20% surge, potentially reaching $3.05 in the coming days.
Positive On-Chain Metrics Indicate Bullish Sentiment
On-chain analytics reveal a strong bullish outlook, with Coinglass reporting WIF’s long/short ratio at 1.05. This metric suggests bullish sentiment among traders, and an increase in open interest by 3.6% over the past 24 hours highlights growing participation in WIF’s market. A long/short ratio above 1 indicates that traders are predominantly betting on WIF’s price to rise, a positive signal for potential growth.
Current Market Dynamics and Price Movement
At press time, Dogwifhat is trading at approximately $2.35, reflecting a 5.3% drop over the last 24 hours. Trading volume, however, has increased by 4.9%, signaling heightened interest from investors. This uptick in participation, despite the price decline, may point to a possible rally should WIF break through the existing resistance.
