đ±đDogwifhat is looking for big breakout potential, it could happen soonđ¶đ„
As of August 10, 2024, the meme coin market is fairly calm. Top coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have seen small gains of 0.5%, 1.2%, and 1.35%, respectively, in the last 24 hours. In contrast, Dogwifhat (WIF), a meme coin on the Solana blockchain, is making headlines with a notable 8% price increase.
Whatâs driving this unexpected rally? And can WIF keep the momentum up?
#WIF Performance Analysis
$WIF âs price has climbed to about $1.81 and even hit $1.94 in the past 24 hours. Despite this, its trading volume has decreased by 20%, suggesting that fewer traders are involved. On the bright side, WIFâs open interest, which tracks ongoing contracts, has risen by over 7%, according to the on-chain analytics firm CoinGlass.
Key Dogwifhat (WIF) Technicals
Technical analysis shows a promising outlook for WIF. The coin recently broke out of a bullish inverted head and shoulders pattern on a 4-hour chart, a positive sign. It also successfully retested this breakout level, further indicating potential growth.
If market sentiment remains favorable, WIF could potentially rise by 25% to reach $2.20 in the coming days. To achieve this, WIF needs to stay above the $1.65 support level. However, it might encounter resistance near $2 due to the 200 Exponential Moving Average (EMA).
Liquidation Levels to Watch
As of now, WIFâs major liquidation levels are near $1.758 on the lower side and $1.95 level on the upper side.
If the sentiment remains unchanged and WIFâs price reaches to $1.95 level, nearly $12.62 million of short positions will be liquidated. Conversely, if the price falls to the $1.758 level, nearly $3.37 million of long positions will be liquidated.