Bitfarms stock jumps 26% after buyback plan: Is more to come?
- Dogwifhat broke out from a symmetrical triangle and reclaimed support at $2.978.
- Market dynamics, including long/short ratios and volume, hint at potential for sustained rally.
Dogwifhat [WIF] has been making waves in the crypto market, climbing 6.63% in the last 24 hours to $3.29, signaling renewed bullish momentum.
At press time, the trading volume has surged 19.38% to $1.02 billion, reinforcing growing interest in the asset. After breaking out of a critical symmetrical triangle pattern, WIF seems poised to reach higher price targets. The question remains: can it sustain this upward trajectory?
WIF’s bullish breakout sets the stage for a rally
Dogwifhat’s breakout from the symmetrical triangle pattern has caught traders’ attention. The pattern indicates a shift from consolidation to bullish momentum.
Moreover, WIF has reclaimed its critical support level of $2.978, a key zone that could now act as a springboard for further gains. Consequently, traders are eyeing the next price target at $4.822, representing a potential upside of 43.63%.
From a technical standpoint, WIF is displaying strong bullish signals. The MACD has shifted to a positive reading of 0.259, with the signal line trailing slightly at 0.245, confirming a bullish crossover. This suggests that momentum remains firmly on the side of buyers.
Additionally, the Stochastic RSI is at an oversold level, reading 19.11, indicating that the asset could consolidate briefly before continuing upward. The breakout, coupled with these indicators, suggests that WIF has significant upward potential in the short term.
Source: TradingView
Are bulls or bears in control? Long/short ratio analysis
Analyzing the long/short ratio offers more insight into market dynamics. Currently, shorts slightly outweigh longs, with 54.27% of taker volumes being short positions compared to 45.73% long.
However, this bearish sentiment could work in favor of the bulls. If WIF’s price pushes higher toward the $4.822 target, it may trigger a short squeeze, forcing bearish traders to close positions and driving prices even higher.
Additionally, the rising trading volume indicates heightened interest, potentially favoring bullish momentum.
Source: Coinglass
WIF’s social dominance takes a hit but fundamentals remain strong
Interestingly, WIF’s social dominance has dropped to 0.215 from 0.287 the previous day. While this signals a slight reduction in community-driven engagement, the breakout above $2.978 and subsequent rally highlight that price action is being driven more by technicals than social sentiment.
Nevertheless, monitoring social activity remains important, as renewed engagement could amplify WIF’s momentum.
Source: Santiment
Realistic or not, here’s WIF’s market cap in BTC’s terms
Is $4.822 within reach?
Dogwifhat is currently positioned for further gains, supported by strong technical indicators and increased trading volume. The MACD crossover, low Stochastic RSI reading, and breakout above $2.978 as support indicate strength.
With bullish momentum building, WIF appears on track to achieve its $4.822 target. Sustained volume and a break past intermediate hurdles will be key to confirming this upward trajectory
