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Dogwifhat gains 27% as bullish trend strengthens

Dogwifhat gains 27% as bullish trend strengthens

GrafaGrafa2024/11/12 11:00
By:Mahathir Bayena

Dogwifhat (CRYPTO:WIF) has continued its upward momentum with a 27% gain in the last 24 hours, following a weekly surge of 48.19%.

The cryptocurrency's current performance indicates a strong potential for further increases, supported by a symmetrical triangle pattern on the chart.

This formation often points to bullish trends, suggesting that WIF could push toward new highs.

The immediate goal for WIF is to break past its resistance level at $2.918, potentially turning this into a support line.

Achieving this could pave the way for the asset to reach its next targets of $4.080 and $4.860.

These levels are significant as they could trigger a more substantial breakout for the cryptocurrency.

Technical indicators signal sustained bullish sentiment for WIF.

The Aroon Line, which assesses trend strength and direction, shows the Aroon Up line at 100% while the Aroon Down is at 50%.

This positioning highlights a strong bullish market.

Additionally, the Relative Strength Index (RSI) is currently at 66.27, further indicating positive momentum.

Despite these bullish signals, market sentiment remains mixed, with open interest in derivatives increasing by 23.27% to $549.55 million.

This rise suggests that traders are taking long positions, but the close long/short liquidation ratio, with long liquidations at $4.30 million and short liquidations at $4.52 million, reflects a neutral stance.

The long/short ratio stands at 0.9786, hovering near neutrality.

A shift towards a more bullish balance in these metrics could support WIF's continued rise.

For now, indicators point to a market poised for further gains, provided momentum holds steady and resistance levels are surpassed.

At the time of reporting, the Dogwifhat (WIF) price was $3.09. 

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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