- WIF is on track to surpass its all-time high of $4.86.
- Be cautious of short-term selling pressure, especially around the $3.9 mark.
dogwifhat [WIF] has seen a remarkable 42% surge in the last 24 hours and a staggering 82.6% increase over the past week. While Bitcoin [BTC] continues to dominate the market, the altcoin space has yet to experience a significant influx of gains.
The Crypto Fear and Greed Index currently sits at 86, indicating extreme greed amidst the ongoing bull run in the crypto market.
dogwifhat eyes all-time high as it prepares for further growth
Source: WIF/USDT on TradingView
Since hitting lows on November 4th, dogwifhat has surged by 125.7%. The RSI is at 80, surpassing previous highs from March and September. Despite these levels, a significant market pullback is not guaranteed.
The OBV has reached a new local high, indicating increased buying pressure as the meme coin continues its strong rally, offering optimism to holders and reinforcing a bullish WIF price outlook.
After nearly testing the all-time high at $4.86 on November 13th, WIF retraced to $3.92. The 61.8% Fibonacci extension level has provided support in recent trading sessions.
The next WIF price target is set at the 200% extension level of $6.
Increasing short-term selling pressure
Open Interest has surged from $360 million on November 11th to $611 million currently, with a corresponding 71% price increase. This indicates strong bullish sentiment among traders and robust activity in the futures market.
Realistic or not, here’s WIF’s market cap in BTC’s terms
The spot CVD has started to decrease recently, signaling a potential short-term fluctuation. However, the overall trend remains bullish, with targets above $6 remaining valid and a drop below $3.9 indicating a possible deeper correction.
Disclaimer: The information provided is the writer’s opinion and should not be considered financial or investment advice.