Why dogwifhat will rally 20% soon – ‘Nobody is ready for…’
WIF’s rising Open Interest and positive Funding Rate suggest strong bullish reversal.
- Following the recent consolidation breakout, there is a high possibility that WIF could soar by 20%.
- An expert noted nobody is ready for WIF’s upcoming V reversal.
After experiencing a significant price decline of over 20% in the past few days, popular Solana [SOL]-based meme coin dogwifhat [WIF] appeared poised for an upside rally.
Since the beginning of September 2024, WIF’s Open Interest has continuously risen from $199 million to $221 million at press time, according to data from Coinglass.
Bullish signals emerge
Rising Open Interest amid this bearish market sentiment could be a potential signal of price reversal.
The OI-Weighted Funding Rate also supported this bullish outlook, as it was positive at press time, indicating that more traders were expecting the price to go up. This suggested a strong bullish conviction.
AMBCrypto noted that WIF appeared bullish after recently breaking out of the consolidation zone near the crucial support level of $1.50.
Its Relative Strength Index (RSI) is in oversold territory, indicating a potential price reversal.
Based on the historical price momentum, with this recent breakout, there is a high possibility that WIF could soar by 20% to the $1.90 level or even higher.
A strong reversal for WIF?
Recently, crypto expert Bluntz_Capital shared a post on X (previously Twitter) citing that WIF has perfectly retested the perfect channel pattern on a four-hour time frame. He noted,
“Nobody is ready for the V reversal that about to happen.”
Based on the expert’s predictions, there is a high possibility that WIF could rise to the $2.2 level soon.
As of press time, the major liquidation levels were near $1.547 on the lower side and $1.658 on the upper side, as traders were over-leveraged at these levels, according to Coinglass.
If the market sentiment remains bullish for WIF and the price rises to the $1.658 level, nearly $6.06 million worth of short positions will be liquidated.
Conversely, if the sentiment shifts to bearish and the price drops to $2.28 million, $6.25 million worth of long positions will be liquidated.
Read dogwifhat’s [WIF] Price Prediction 2024–2025
At press time, WIF was trading near the $1.60 level, having experienced a price surge of over 8% in the last 24 hours.
Its trading volume jumped by a modest 5% during the same period, indicating higher participation from traders.
