The potential reasons behind WIF's bullish outlook include the recent successful breakout retest, an increase in open interest (OI), and...
At press time, the larger cryptocurrency market looked bullish due to the impressive performances of top crypto assets in the last 24-48 hours. Needless to say, many of the market’s memecoins took the lead of Bitcoin too, with popularThe reason WIF could soar by 45%
The potential reasons behind WIF’s bullish outlook include the recent successful breakout retest, an increase in open interest , and a sustained price surge in Solana . According to on-chain analytics firm CoinGlass, in the last 24 hours, WIF’s OI value has risen by 2.2%, signaling growing interest among investors and traders.
Additionally, the performance of SOL is also affecting WIF’s price. In the last 7 days alone, SOL has registered a price surge of over 10%. Greater interest in Solana has translated to greater interest in memecoins based on its blockchain.At the time of writing, WIF’s daily chart looked super interesting.
On the daily time frame, WIF not only projected a breakout of a bullish double-bottom price action pattern, but also successfully retested it. In fact, it seemed to be moving in an upward direction – A potentially bullish signal.On the 4-hour time frame, WIF was trading above the 200 Exponential Moving Average . If the price of an asset is above the 200 EMA, it is a sign of bullishness.
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