Breaking! After a surge of 18.56% in dogwifhat, is it heading towards $1.20 or dropping back to $0.84?
#BTC重返11万 WIF's recent surge has been incredible, soaring 18.56% to reach a three-week high of $0.9558.
In the past 48 hours, buyers of WIF have gone wild, purchasing over 72 million tokens. This memecoin also benefited from the increase, rising 159%, with a market cap reaching $603.7 million, and on-chain activity is quite active. But the question is, is this the start of a new bullish trend, or just a technical rebound?
Before this recent rebound, the market was completely controlled by sellers, and the trading volume favored sellers over buyers. But in the past day, the market dynamics have changed significantly.
WIF's buying volume reached 9.44 million, while selling volume was only 8.88 million, indicating a shift in market sentiment.
The day before was similar, with buying volume at 63 million and selling volume at 61 million.
The result is that the market has seen positive growth for two consecutive days, with increases of 2.3 million one day and 563,000 the next.
Such strong buying pressure indicates that demand is rising, with new funds continuously flowing into the market.
WIF's open interest rose by 25.51%, reaching $441.49 million, and derivative trading volume skyrocketed by 88.9% to $2.3 billion.
The increase in open interest alongside price indicates that retail investors are pouring significant funds into the market during this trend reversal. An increase in open interest during a rising trend is a bullish signal.
The positive financing rate further confirms the bullish sentiment in the futures market, indicating that retail investors are going long.
As the price rises, holders and retail investors look to take profits. With WIF reaching a three-week high, it provides an opportunity for long-suffering holders to cash out.
From the net flow of the memecoin, retail investors are actively cashing out, with this indicator showing positive values for two consecutive days.
Can WIF hold onto its gains and reach $1?
With the overall market recovering and buyers returning, WIF's surge is impressive. The random RSI of the memecoin spiked to 86 after a bullish crossover, indicating strong upward momentum and potential for continued gains.
The relative strength index has also risen to 55, entering a bullish zone, suggesting that buyers' strength is increasing.
Retail investors are actively buying, and with such momentum, WIF seems poised for further increases.
If buying pressure continues, WIF may break through and turn the resistance level of $1.00 into a support level, with a target price potentially reaching $1.20.
#美股代币化 The next 10x coin, revealing another opportunity, welcome to observe!