- *Dogwifhat edges lower as the 12% rise from Sunday hits a crucial $1.212 resistance level.*
- *WIF Open Interest hits a yearly high, indicating increased capital inflows in derivatives as optimism surges.*
- *The technical outlook suggests continued gains as bullish momentum persists.*
Dogwifhat (WIF) dips slightly, down 1% on Monday, after a thrilling 12% surge on Sunday. This pup’s bullish streak just smashed through its 200-day EMA, setting its sights on a key resistance target of $1.212. The charts are wagging their tails: technical indicators and derivatives data both point towards a continued upward trend. Momentum is building, and Open Interest is barking at a yearly high, closing in on a massive $600 million.
Dogwifhat Open Interest surge reflects increased optimism
WIF’s wild ride continues, blasting through previous records to hit a staggering $572.11 million in Open Interest – a jump from $482.89 million just this past Sunday, according to Coinglass. This surge signals a powerful influx of capital into the derivatives market, painting a picture of soaring optimism for the meme coin.
Dogwifhat Open Interest. Source: Coinglass
A bullish undercurrent is rippling through the market, evidenced by a 0.0182% OI-weighted funding rate. This positive rate reveals buyers are actively driving demand, eager to sync up spot and swap prices. Essentially, bulls are footing the bill to correct a derivatives market leaning heavily towards increased buying pressure.
WIF OI-weighted funding rate. Source: Coinglass
Dogwifhat nears crucial resistance, with bulls targeting $1.679
WIF’s daring comeback: After flirting with the abyss, it clawed back above the $1 mark last week, springing 12% higher from its $1.06 lifeline – the 200-day EMA. But the rally faces a formidable foe: the $1.21 wall. This isn’t just any resistance; it’s the 50% Fibonacci retracement level, measured from the peak of $4.83 last November to the $0.304 low in April. Will WIF shatter this barrier, or will the Fibonacci level prove too strong?
Breakthrough imminent? A surge past this critical threshold would catapult us to levels unseen since January 26th. Keep your eyes glued to $1.679 – Fibonacci’s golden ratio suggests it’s the first major wall the bulls need to conquer.
Feeling left out? Don’t sweat it. Watch for the 50-day EMA to sprint ahead of the 100-day EMA. This surge, signaling short-term momentum overpowering the medium-term, could be your cue to jump in. Even better? It sets the stage for the coveted Golden Cross – the 50-day EMA blazing past the 200-day EMA – hinting at a potentially powerful bull run.
Above the zero line, the MACD and its signal line are painting an optimistic picture, trending upwards. Amplifying this bullish sentiment, a vibrant green histogram is emerging, signaling growing momentum for the bulls.
Bulls flex, pushing the Relative Strength Index on the daily chart to 66. The overbought territory looms a siren song for buyers, a warning whisper for bears.
WIF/USDT daily price chart.
However, if the bulls stumble at $1.212, brace for a potential slide back to the 200-day EMA around $1.066 – a key level that could make or break the current uptrend.
Thanks for reading Dogwifhat Price Forecast: WIF eyes double-digit gains as Open Interest hits yearly high
