In this ongoing struggling cryptocurrency market, Solana-based dogwifhat (WIF) is making waves due to its impressive performance and recent breakout. On August 21, 2024, WIF gained a massive price surge of over 10% in the last 24 hours and caused a strong bullish breakout.
Breakout in Dogwifhat (WIF)
Since July 22, 2024, WIF has been continuously falling and has experienced a price drop of over 46%. However, this continuous price decline has formed an inclined trendline that consistently acts as resistance. Today, with a significant price surge, WIF has broken out its strong barrier.
Dogwifhat (WIF) Price Prediction
According to expert technical analysis, WIF looks bullish despite trading below the 200 Exponential Moving Average (EMA) in a 4-hour time frame. With this recent breakout, it has cleared its strong barrier and may soar 20% to the $1.83 level. Later, it could rise to $2.5 and $2.8 levels due to its storing bullish price action.
At press time, WIF is trading near $1.57 and has experienced a price surge of over 10% in the last 24 hours. Meanwhile, its trading volume has skyrocketed by over 72% during the same period, indicating increased participation from traders amid the breakout.
Additionally, WIF’s open interest is gradually increasing and has risen by 14% in the last 24 hours, indicating growing interest from investors during this period.
Rise in Open Interest
As of now, the major liquidation levels are near $1.494 on the lower side and $1.569 on the upper side, as traders are over-leveraged at both levels, according to the on-chain analytic firm Coinglass.
If WIF sentiment remains unchanged and the price rises to the $1.569 level, nearly $3.45 million worth of short positions will be liquidated. Conversely, if the sentiment changes due to any reason and the price falls to the $1.494 level, nearly $3.96 million worth of long positions will be liquidated.
However, some top cryptocurrencies are still struggling to gain momentum including Ethereum (ETH), Solana (SOL), and XRP (XRP). According to coinmarketcap, in the last 24 hours, ETH, SOL, and XRP have experienced a price drop of over 1%, 0.95%, and 0.45%, respectively.
