Dogwifhat Price Is Back With WIF Price Up 76% In 30 Days — What’s Next?

Dogwifhat (WIF), the largest Solana-based memecoin by market capitalization, is set to continue the recovery that began on September 8th. WIF rose approximately 112% from its low of approximately $1.4 on September 6, reaching a four-month high of $2.97 on October 16.

WIF trades at $2.63, up 3% in 24 hours and up 76% over the past 30 days, according to data from Cointelegraph Markets Pro and TradingView.

Let’s take a look at what has fueled WIF’s price momentum over the past month.

WIF rises along with other memecoins.

Dogwifhat (WIF)’s strong performance on October 18 follows similar upward movements across other top memecoins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), which are up 23%, 9.8%, and 9.2% in the past. Accompanied by . 7 days each.

Among the top memecoins, WIF had bigger gains during the monthly period. For example, WIF’s 30-day return of approximately 76% far exceeds DOGE’s 34% and SHIB’s 43%.

WIF has also performed very well in 2024, with year-to-date returns of around 1,392%, second only to Turbo (TURBO), a ChatGPT-coded memecoin that has surged around 4,570%.

These significant gains are likely to pique investor interest and increase buying pressure.

Increase in OI supports WIF price rise

Dogwifhat’s price surge over the past 30 days comes after a significant increase in open interest (OI) over the same period.

Open interest is a key indicator used by traders and analysts to assess market sentiment and predict future price movements.

WIF’s total OI across all exchanges increased 50% from $322.2 million on October 4 to a five-month high of $480.2 million on October 15.

Additional data from CoinGlass shows that demand for leveraged long positions in WIF has increased over the past few days, as evidenced by OI-weighted futures funding rates.

The current 8-hour rate of 0.0068% translates to a cost of 0.14% over 7 days, which has important implications for traders building futures positions.

Typically, a higher funding rate means futures traders are optimistic and expect prices to rise in the future, which could signal a continuation of the upward trend.

Dogwifehat price eye $3

From a technical perspective, the WIF price movement since early September has been characterized by a series of rising highs and falling lows, leading to a rising parallel channel on the daily chart, as shown below. Green candlesticks on the daily chart show that bulls are in control of the price.

The lower boundary of the channel at $2.50 acts as immediate support for memecoin. The Relative Strength Index (RSI) is rising and stands at 59, suggesting that market conditions still have room for upside.

Therefore, increased buying from current levels could push the price of WIF higher and face resistance at $2.91, the middle boundary of the rising channel.

A further rise above this could push WIF’s price to $3.42, up 28% from its current price, reaching the upper limit of a common chart pattern.

Meanwhile, futures traders are skeptical about a sustained recovery for WIF, with a total of $22.92 million worth of short positions at risk of liquidation if the price recovers to $3. A further 5% decline to $2.5 would result in a loss of $3.84 million on the long position.

This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.