WIF Breakout Points Up 43%: Is This The Next Big Move?
Dogwifhat gains 6.63% as it gains bullish momentum after breaking out of key patterns.
Dogwifhat broke out of a symmetrical triangle and found support at $2.978.
- Market dynamics, including long/short ratios and volume, indicate the potential for sustained upside.
Dogwifhat [WIF] has been making waves in the cryptocurrency market, rising 6.63% to $3.29 in the last 24 hours, indicating a renewed bullish move.
At the time of publication, trading volume increased by 19.38% to $1.02 billion, fueling growing interest in the asset. After breaking out of the critical symmetrical triangle pattern, WIF looks poised to hit higher price targets. The question remains: can it maintain this upward trajectory?
WIF’s upside breakout sets the stage for a rally
Dogwifhat’s departure from the symmetrical triangle pattern has caught the attention of traders. This pattern indicates a change in momentum from consolidation to bullish momentum.
Furthermore, WIF has retook its critical support level at $2.978, a key area that can now serve as a springboard for further gains. As a result, traders are eyeing the next price target of $4.822, which represents a potential upside of 43.63%.
From a technical point of view, WIF shows strong bullish signals . MACD has moved towards a positive reading of 0.259, with the signal line pulling back slightly at 0.245, confirming a bullish crossover. This suggests that momentum remains firmly on the buyers’ side.
Additionally, the Stochastic RSI is at an oversold level, reading 19.11, indicating that the asset could consolidate for a short time before continuing the uptrend. The breakout, along with these indicators, suggests that WIF has significant upside potential in the near term.
Source: TradingView
Are cows or bears controlled? Long/short ratio analysis
Long/short ratio analysis provides additional insight into market dynamics. Currently, shorts outnumber longs, with 54.27% of buyer volume being short positions while 45.73% are long.
However, this bearish sentiment could work in the bulls’ favor. If the price of WIF moves higher towards the $4.822 target, it may create short pressure, forcing bearish traders to close positions and increase prices.
Additionally, increased trading volume indicates increased interest, potentially favoring an upward move.
Source: Coinglass
WIF’s social dominance suffers, but the fundamentals remain strong
Interestingly, WIF’s social dominance has dropped to 0.215 from 0.287 the previous day. While this is indicative of a slight decline in community-driven engagement, the break above $2.978 and the subsequent rally suggest that price action is being driven more by technicals than social sentiment.
Nevertheless, it is still important to monitor social activity, as re-engagement can reinforce WIF momentum.
Source: Santiment
Is $4,822 available?
Dogwifhat is currently positioned for further gains , supported by strong technical indicators and increasing trading volume . MACD crossover, stochastic low RSI and break above $2.978 as support indicates strength.
With increasing upside momentum, WIF seems to be on track to reach its target of $4.822. Sustained volume and a break through the intermediate barriers will be the key to confirming this bullish path .
