dogwifhat [WIF] has experienced a significant surge of 42% in the past 24 hours and has soared by more than 82.6% over the last week. While Bitcoin [BTC] has been demonstrating notable gains, the ripple effect on altcoins has yet to be fully realized.
This trend was evident in the Bitcoin Dominance chart. Nonetheless, the prevailing sentiment in the cryptocurrency market is markedly bullish. The Crypto Fear and Greed Index currently stands at 86, indicating a high level of greed fueled by the ongoing bull market.
dogwifhat Approaches All-Time High with Momentum Building for Further Growth
Following the lows observed on November 4th, dogwifhat has surged by an impressive 125.7%. The RSI has reached 80, surpassing previous highs from March and September, suggesting a robust market sentiment with potential for further gains.
Moreover, the OBV has recorded a new local high, signaling increased buying pressure as the meme coin continues its strong rally. This positive development serves as a promising indicator for holders and strengthens the bullish outlook on WIF’s price trajectory.
Although WIF came close to testing its all-time high of $4.86 on November 13th, reaching $4.83 before retracing to $3.92, the recent support at the 61.8% Fibonacci extension level indicates a stable position in the market.
Looking ahead, the next target for WIF price prediction is set at the 200% extension level, positioned at $6.
Increasing Short-Term Selling Pressure
The Open Interest has surged from $360 million on November 11th to $611 million currently, corresponding to a 71% price increase within this period. These figures underscore a strong bullish sentiment among traders and a healthy demand in the futures market.
Despite a recent decline in the spot CVD, potentially introducing short-term volatility, the overall long-term trend remains decidedly bullish. In light of this, projections beyond $6 hold merit, with a breach below $3.9 signaling a potential corrective phase.
Disclaimer: The opinions expressed in this analysis are solely based on the author’s perspective and do not constitute financial, investment, or trading advice.