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Why dogwifhat will rally 20% soon – ‘Nobody is ready for…’

2min Read

WIF’s rising Open Interest and positive Funding Rate suggest strong bullish reversal.

Why dogwifhat will rally 20% soon - 'Nobody is ready for...'

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  • 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 for Dogwifhat

Source: 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. 

Dogwifhat price breakout

Source: Tradingview

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. 

Key liquidation levels

Source: 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.

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Chanakya G is an analyst with 4 years of experience looking at the crypto-markets. His primary field of interest is the Altcoin market and its correlation with Bitcoin, and how that dynamic affects the larger sector.
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