Dogwifhat (WIF) price at $1.17 shows a 2.74% intraday rise

WIF price analysis targets $2  Dogwifhat (WIF) price at $1.17 shows a 2.74% intraday rise

Dogwifhat (WIF) price at $1.17 shows a 2.74% intraday rise, fueling the 113% rally over the last seven days, driven by increased volume in the market.

With the bull run, WIF token’s market cap hits $1.16 billion, becoming Solana’s fourth-biggest meme coin. The increased optimism around Dogwifhat pumps the Open Interest (OI) to $445 million and risks an $8 million short liquidation if the meme coin hits $1.20.

Adding tailwinds to Dogwifhat price, a bullish pattern breakout targets the $2 psychological level.

WIF Price Analysis Targets $2

Dogwifhat price reclaims the $1.17 price level last seen on January 31, marking a trend reversal after a brief consolidation.

Bottoming out at $0.3042, the Solana-based meme coin has jumped almost 300% since then.

During the consolidation phase, the WIF price witnessed an inverted head and shoulders pattern formed as seen in the technical chart. The inverted head is formed at $0.30, with the shoulders forming near $0.51 and a neckline overlapping the $0.75 zone. This pattern is generally considered extremely bullish and known for resulting in upside breakout.

The bullish pattern’s 157% breakout target is calculated by adding the pattern’s depth to the neckline breakout point, targeting the $2 psychological level. The ongoing rally has already reclaimed the $1 mark and 44% of the projected 157% rally.

Additionally, the recovery run has crossed above the 50% Fibonacci level at $1.15 and the 200-day Exponential Moving Average (EMA).

As the Solana-based meme coin sustains strong momentum, the uptick in 50 and 100-day EMAs nears a positive crossover. The Relative Strength Index has spiked into the overbought zone, signaling strong underlying bullishness.

A failure to hold a decisive closing price above the 50% Fibonacci level to retest the $0.75 zone.

If the WIF price breaks under $0.75, the pattern breakout will be nullified. This will risk the 50-day EMA retest at $0.63, followed by the next support at $0.31.

Optimistic Bulls Dominate Derivatives as OI Hits $445 Million

Amid the skyrocketing WIF prices, the rising optimism in the derivatives market pumps the Open Interest (OI) to $445 million. This marks a more than 100% surge in seven days from $201 million on May 6.

Betting big on Dogwifhat, Binance traders anticipate a bullish trend continuation in the meme coin. Based on the Coinglass data, 68.74% of Binance accounts of all accounts trading WIFUSDT futures are holding a long position, pumping the long/short ratio to 2.20. Hence, the derivatives market data aligns with the WIF price prediction of reaching the $2 target.

Bulls are dominating the trend control as Dogwifhat exits a strong bullish setup with a 113% weekly rally. With more than 100% surge in Open Interest and 68.74% of Binance traders holding long positions, WIF price shows a strong chance of reclaiming the $2 milestone.

Frequently Asked Questions (FAQs)

1. What is driving the current surge in Dogwifhat (WIF) price?

The recent rally in WIF price can be attributed to several factors, including:

- Strong buying pressure that pushed the 50% Fibonacci level at $1.15.

- A bullish inverted head and shoulders pattern breakout targeting the $2 price.

* The pattern depth is measured from the low of the head to the neckline breakout point.

* Breakout target: $0.75 + ($0.75 – $0.3) = $2.

* The rally has already recovered the $1 mark and 44% of the projected 157% rally.

This pattern is generally considered extremely bullish.

2. What is the target price for WIF based on the current technical pattern?

The bullish inverted head and shoulders pattern breakout suggests a 157% rally to reach the $2 psychological level.

3. What risks could invalidate the bullish WIF price prediction?

The bullish trend will be negated if the 50% Fibonacci level at $1.15 fails to hold a decisive closing price. The next support to watch out for is the $0.75 zone, where the neckline of the pattern breakout is located. A break below this level could negate the pattern