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 dull, including top meme coins Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) as they experienced a price surge of 0.5%, 1.2%, and 1.35% in the last 24 hours.
WIF price analysis
At the same time, WIF has gained massive attention from the crypto community as it experienced a price surge of over 8%. At press time, WIF is trading near the $1.81 level and has also reached the $1.94 level in the last 24 hours. Meanwhile, its trading volume has declined by 20% during the same period. This declined trading volume indicates lower participation from traders.
Rise of Open Interest
However, WIF’s open interest is gradually increasing and has increased by over 7% in the last 24 hours, according to an on-chain analytic firm CoinGlass.
Dogwifhat (WIF) price prediction
According to expert technical analysis, WIF looks bullish as it recently gave a breakout of a bullish inverted head and should price action pattern on a 4-hour time frame. Additionally, it successfully retested its breakout level as well, which is a bullish sign for WIF.
If the market sentiment remains unchanged there is a high possibility that WIF could soar by 25% to the $2.2 level in the coming days. Additionally, it will potentially happen if WIF maintains itself above the $1.65 level. However, in between it might get some resistance near $2 due to the presence of the 200 Expoential Moving Average (EMA).
WIF’s major liquidation levels
As of now, WIF’s 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 WIF’s 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.
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