CandleFocus Woof Gone Wild: WIF 30% Rally Could Kickstart Extended Bull Run
2024-09-26
Author: Content Editor
The price of Solana-based dogwifhat (WIF) has increased by 30% since September 23, signaling growing interest in meme coins. Despite this rally, the token is still down 55% from its peak in March. However, on-chain indicators suggest that this price increase is only the beginning of a longer bull run. The increase in Open Interest (OI) suggests that traders are gaining more exposure to WIF, which typically leads to price surges. A notable jump in OI alongside the recent price increase indicates that WIF's price could potentially reach $4.78 or higher. Additionally, the positive Funding Rate and positive technical analysis on the daily chart, such as the positive Moving Average Convergence Divergence (MACD), further support the bullish outlook for WIF. However, there may be resistance at $3.78, and a rejection at this level could cause the price to drop to $1.69.
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