CandleFocus Dogwifhat (WIF) struggles to reclaim $3 amid meme coin resurgence
2024-10-18
Author: Content Editor
Dogwifhat (WIF), a meme coin based on the Solana blockchain, has experienced a 78% rally over the past month but is currently struggling to regain the critical $3 level. Despite its strong performance compared to other meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB), WIF is facing skepticism and uncertainty from investors. The coin's price action shows an ascending parallel channel, with a support level at $2.50 and resistance at $2.91. If WIF can break through the resistance, the next target is $3.42, representing a 28% increase. The coin has seen a significant increase in open interest and funding rates for perpetual contracts, indicating continued optimism among futures traders. However, there are still significant funds in short positions, suggesting skepticism about WIF's ability to sustain its rally.
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