WIF Memecoin Surges as Traders Bet Big on Continued Upside

WIF Memecoin Rides Market Optimism with 9% Daily Gain

WIF Memecoin– Solana-based memecoin dogwifhat (WIF) extended its rally for the third consecutive day, reflecting renewed enthusiasm across the broader crypto market. As most digital assets turned green, WIF stood out with a 9% increase in the last 24 hours, trading near $0.62.

According to CoinGlass, this rising trend has sparked increased trading activity. WIF’s 24-hour trading volume soared by 35%, signaling stronger interest from both retail and professional investors.

Traders Show Confidence with Majority Going Long

Data shows that 70.10% of top traders are betting long on WIF, while only 29.90% are shorting it. Binance’s WIFUSDT Long/Short ratio hit 2.34, indicating a clear bullish tilt in market sentiment.

Traders have opened $3.71 million in long positions near $0.582 support and $394K in shorts near $0.633 resistance.

Technical Indicators Point to Further Upside

Dogwifhat broke out of a descending triangle on the four-hour chart, a bullish technical pattern. Analysts at AMBCrypto suggest that if WIF can maintain support above $0.60, the price may rally toward the $0.783 resistance, marking a potential 20% upside.

Additionally, the Relative Strength Index (RSI) stands at 62, suggesting momentum is strong but not yet overbought.

Funding Rates and Open Interest Confirm Sentiment

The OI-weighted funding rate is positive at +0.0060%, showing traders are paying to maintain long positions. Open Interest also increased by 10%, reinforcing bullish sentiment in the Dogwifhat market.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.