The popular Solana-based meme coin Dogwifhat (WIF) is leading the crypto meme industry. As of August 10, 2024, the overall performance of meme coins is quite subdued, including top meme coins Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), which saw a price increase of 0.5%, 1.2%, and 1.35% in the last 24 hours.
WIF Price Analysis
At the same time, WIF has been attracting a lot of attention from the crypto community as it has seen a price increase of over 8%. At press time, WIF is trading near the $1.81 mark and has also hit the $1.94 mark in the last 24 hours. At the same time, its trading volume has dropped by 20% in the same period. This decreased trading volume indicates less participation from traders.
Increase in open interest
However, WIF’s open interest is gradually increasing and has increased by over 7% in the last 24 hours, according to on-chain analytics firm CoinGlass.
Dogwifhat (WIF) Price Prediction
According to expert technical analysis, WIF looks bullish as it recently broke out of a bullish inverted head and should exhibit a price action pattern on a 4-hour timeframe. Moreover, its breakout level was also successfully retested, which is a bullish sign for WIF.
If the market sentiment remains unchanged, there is a high possibility that WIF could rally by 25% to the $2.2 level in the coming days. Moreover, this may happen if WIF sustains above the $1.65 level. However, in between, it could face resistance at $2 due to the 200x Exponential Moving Average (EMA).
The main liquidation stages of the WIF
Currently, WIF’s key liquidation levels are around $1.758 on the lower side and $1.95 on the higher side.
If the sentiment remains unchanged and the WIF price hits the $1.95 mark, short positions worth almost $12.62 million will be liquidated. On the other hand, if the price drops to the $1.758 mark, long positions worth almost $3.37 million will be liquidated.
