Dogwifhat (WIF) price at $1.17 shows a 2.74% intraday rise, fueling the 113% rally over the last 7 days, fueled by increased volume in the market. With the bull run, WIF token’s market cap hits $1.16 billion, becoming Solana’s fourth biggest meme coin. The increased optimism around Dogwifhat pumps the Open Interest (OI) to $445 million and risks an $8 million short liquidation if the meme coin hits $1.20. Adding tailwinds to Dogwifhat price, a bullish pattern breakout targets the $2 psychological level.
WIF Price Analysis Targets $2
Dogwifhat price reclaims the $1.17 price level last seen on January 31, marking a trend reversal after a brief consolidation under $0.75 supply zone. Bottoming out at $0.3042, the Solana-based meme coin has jumped almost 300% since then.
During the consolidation phase, the WIF price witnessed an inverted head and shoulders pattern formed as seen in the technical chart. The inverted head is formed at $0.30, with the shoulders forming near $0.51 and a neckline overlapping the $0.75 zone. This pattern is generally considered extremely bullish and known for resulting in upside breakout.
The bullish pattern’s 157% breakout target is calculated by adding the pattern’s depth to the neckline breakout point, targeting the $2 psychological level. The ongoing rally has already reclaimed the $1 mark and 44% of the projected 157% rally. Additionally, the recovery run has crossed above the 50% Fibonacci level at $1.15 and the 200-day Exponential Moving Average (EMA).
As the Solana-based meme coin sustains strong momentum, the uptick in 50 and 100-day EMAs nears a positive crossover. The Relative Strength Index has spiked into the overbought zon,e signaling strong underlying bullishness.
A failure to hold a decisive closing price above the 50% Fibonacci level to retest the $0.75 zone.
If the WIF price breaks under $0.75, the pattern breakout will be nullified. This will risk the 50-day EMA retest at $0.63, followed by the next support at $0.31.
Optimistic Bulls Dominate Derivatives as OI Hits $445 Million
Amid the skyrocketing WIF prices, the rising optimism in the derivatives market pumps the Open Interest (OI) to $445 million. This marks a more than 100% surge in seven days from $201 million on May 6.
Betting big on Dogwifhat, Binance traders anticipate a bullish trend continuation in the meme coin. Based on the Coinglass data, 68.74% of Binance accounts of all accounts trading WIFUSDT futures are holding a long position, pumping the long/short ratio to 2.20. Hence, the derivatives market data aligns with the WIF price prediction of reaching the $2 target.
Bulls are dominating the trend control as Dogwifhat exits a strong bullish setup with a 113% weekly rally. With more than 100% surge in Open Interest and 68.74% of Binance traders holding long positions, WIF price shows a strong chance of reclaiming the $2 milestone.
The post Can WIF Price Hit $2? Pattern Breakout and 100% OI Surge to $445M Signal Major Upside appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed