WIF sees 54% hike: A bullish signal for memecoins?

• WIF surged by 54% over the past seven days.
• Market sentiment remains bullish with WIF targeting $4.009.

After Bitcoin recovered from a two-month low to trade at $66k with a 11% surge over the past weeks, altcoins have also experienced a market recovery.

With the reduced volatility in the crypto market, Solana meme-coins are enjoying the upswing. dogwifhat [WIF]

As of this writing, WIF was trading at $2.57 after a 54% surge in the past 24 hours. According to coinmarketcap, WIF’s market cap has surged by 2.3% to $2.5 billion in the last 24 hours.

The recent surge has created speculations within the crypto community, with some showing optimism over a sustained uptrend.

What does WIF price chart indicate

AMBCrypto’s analysis shows WIF is enjoying a sustained uptrend, with a potential for more gains in the short term.

As of this writing, Aroon Up line at 92.86%, sits above Aroon down at 28.57%. This shows that the recent highs are more frequent than the laws, thus reflecting a stronger bullish trend.

When the asset is set this way, there’s a higher potential for a sustained upward movement.

Source: Tradingview

Equally, the Directional Movement Index (DMI) further supports a strong uptrend as the positive index at 26.27 sits above the negative index at 25.9.

The negative is experiencing a decline for the past week while the positive index has been rising.

Source: Tradingview

Additionally, WIF’s Relative Strength Index (RSI) was 62, suggesting strong buying pressure. With the RSI above its RSI-based MA of 49, the crypto was experiencing buyer dominance, which positions it for further price rise.

Source: Coinglass

Looking further, our analysis of Coinglass shows WIF’s open interest has surged over the past week. The open interest has increased from $218 million to $370 million in the past week.

This shows investors are opening new positions while holding the existing ones, suggesting their confidence in the crypto’s future direction.

Source: Coinglass

Finally, the liquidation for short positions was higher than that for long positions. This shows that those betting against the market are forced out of their positions, while long positions pay a premium to hold their positions. This is a bullish signal.

Is your portfolio green? Check the WIF Profit Calculator

After recovering from a decline below $2 resistance, WIF is positioned for a sustained uptrend.

At press time, WIF was trading at $2.57, and if the current market sentiment maintains with bulls dominating, WIF will breach out of the downtrend pattern around $3.07 and aim for $4.009.