The meme coin Dogwifhat (WIF) is on a rocket ride. Over the past week, its price has surged by an impressive 113%, fueled by a wave of market enthusiasm and a sharp rise in trading volume. Open interest (OI) in WIF derivatives has doubled to a whopping $445 million. Now the crypto world is watching closely โ could WIF break through the psychological barrier of $2?
๐ Technical Analysis: Inverse Head and Shoulders Pattern Signals More Upside
Dogwifhat bounced from a low of $0.30 and is now trading near $1.17 โ a level last seen in late January. The breakout came after WIF surpassed the supply zone at $0.75, where it had been consolidating. The chart reveals a classic inverse head and shoulders pattern, a bullish indicator that often signals a significant upward move.
Based on this formation, the calculated target price stands at $2, representing a potential 157% rally from the breakout point. WIF has already cleared the $1 level and completed about 44% of that upside.
Additional bullish signals include:
๐น A move above the 50% Fibonacci level at $1.15
๐น A break above the 200-day EMA
๐น RSI has entered the overbought zone โ typically a sign of strong buyer momentum
โ ๏ธ Downside Risks?
The key risk is if WIF falls back below $0.75. If that level fails, WIF could drop to the 50-day EMA at $0.63. In a more bearish case, it might even revisit the $0.31 support โ although current momentum makes that unlikely.
๐ Derivatives Data Shows Strong Bullish Sentiment
The derivatives market is heating up. Open interest has doubled in just one week, from $201 million to $445 million. Binance reports that 68.74% of all WIFUSDT futures positions are long, giving a long/short ratio of 2.20.
Traders are overwhelmingly bullish on WIF and betting on continued upward momentum.
๐ถ Bottom Line: Another Meme Rocket?
Dogwifhat has broken out of a long consolidation phase and exploded upward in the past week. If the current trend holds and the market doesnโt turn suddenly bearish, the $2 target looks well within reach.
This once-overlooked meme coin is now competing with giants like Dogecoin and Pepe. And if it clears $2, Dogwifhat could become the next major player among Solanaโs meme stars.
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