Recently, popular cryptocurrency exchange Robinhood announced that it has listed Dogwifhat (WIF), the leading meme coin based on Solana. This announcement has attracted a lot of attention from traders and investors.
Source: X (formerly Twitter)
Less than an hour after the announcement, the meme coin’s price surged 13.5%. However, judging by the current WIF price, this surge does not appear to have lasted long.
Dogwifhat (WIF) Price and Volume Analysis
At press time, WIF was trading near $3.37, up 7.5% in the past 24 hours. However, following the announcement, the stock hit a weekly high of $3.655.
During the same period, its trading volume increased by 18%. In addition, data from Coinmarketcap shows that WIF's trading activity is steadily increasing, indicating increasing participation from traders and investors.
WIF technical analysis and upcoming levels
According to expert technical analysis, the price of WIF has been consolidating in a narrow range. It briefly broke out of this area after today’s announcement but then recovered. Based on recent price action, WIF needs to break out of this consolidation area to move higher.
Source: Trading View
If the meme coin breaks out of this area and closes on the daily chart above $3.75, there are high chances of a surge of 25% to touch the $4.70 level in the coming days and if the sentiment remains the same, it will also reach $5.
Currently, the MEMECOIN price is above the 200 exponential moving average (EMA) on the daily chart, indicating an uptrend. Moreover, the relative strength index (RSI) suggests that MEMECOIN still has room to rise further as its RSI value remains below 70, suggesting that the price is not in the overbought zone.
Open interest increases
As of press time, traders appear to be actively participating and showing strong interest in the meme coin. According to data from on-chain analytics firm Coinglass, WIF’s open interest (OI) has surged 9.5% in the past 24 hours and continues to rise steadily. The increase in OI indicates that traders have begun to build new positions.
Recently, popular cryptocurrency exchange Robinhood announced that it has listed Dogwifhat (WIF), the leading meme coin based on Solana. This announcement has attracted a lot of attention from traders and investors.