Dogwhiphat (WFF) can hit $3, here’s why
DogwhipHat (YFF), the popular Solana-based meme coin, is poised for an impressive rally as its price action shows a rally that could be reversed in the coming days. This bullish outlook has emerged on the WIF daily chart following a price correction of over 25% last week.
Dogwifhat (WIF) technical analysis and upcoming levels
According to expert technical analysis, WIF looks aggressive and may increase by 18% to reach the level of $3 in the coming days. During the move, WIF formed a downward trend line and is now ready for a potential breakout.
In addition, MemCoin remains above the 200-day exponential moving average (EMA) on the daily time frame, so it remains at a higher level.
Bullish On-Chain Indicators
The positive view of WIF is further supported by chain metrics. According to on-chain analytics firm CoinGlass, WIF's long/short ratio currently stands at 1.089, indicating strong bullish sentiment among traders. Additionally, open interest has increased by 5% over the past 24 hours and 12.5% over the past week. This open demand reflects growing business activity and the creation of new positions.
A combination of chain metrics and technical analysis suggests bulls are currently dominating the asset.
Current price momentum
At the time of press, WIF is trading at around $2.6 and has experienced a price increase of over 5.25% in the last 24 hours. During the same period, the trading volume increased by 130 percent, indicating higher participation of traders and investors due to the change in sentiment.
Current market sentiment is bullish on the cryptocurrency landscape as Bitcoin (BTC) and several other major cryptocurrencies are experiencing impressive upside rallies.
