bullish

Momentum

Convergence

Divergence

Gains

Dogwifhat, a Solana-based cryptocurrency, has experienced a significant surge in price. This increase follows a broader market recovery. The Dogwifhat price has shown a steady ascending trend, similar to other cryptocurrencies, which are also experiencing a rebound.
<h2 id="strong-wif-derivatives-open-interest-spikes-strong">WIF Derivatives Open Interest Spikes</h2>
Aligning with the Dogwifhat price rise, notable increase across various metrics have been noted for WIF in the derivatives market. According to <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/currencies/WIF/">Coinglass</a> data, trading volumes have climbed by 15.89%, reaching a remarkable $2.07 billion. This uptick reflects heightened market engagement and liquidity.
Similarly, open interest, which indicates the total number of outstanding derivative contracts, has risen by 45.09% to $246.52 million. This growth underscores investors’ robust interest in derivatives trading, suggesting a bullish outlook on underlying assets and broader market dynamics.
<figure id="attachment_211407" aria-describedby="caption-attachment-211407" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-211407" src="https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-4.png" alt="Dogwifhat Price Analysis: WIF Soar 26%, Eyes $3 Retest" width="1361" height="363" srcset="https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-4.png 1361w, https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-4-300x80.png 300w, https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-4-1224x326.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-4-768x205.png 768w, https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-4-150x40.png 150w" sizes="(max-width: 1361px) 100vw, 1361px">
 <figcaption id="caption-attachment-211407" class="wp-caption-text">
 Source- Coinglass
 </figcaption>
</figure>
<h2 id="strong-dogwifhat-price-gains-momentum-strong">Dogwifhat Price Gains Momentum</h2>
Over the past 24 hours, Dogwifhat price experienced a notable increase, with the<a href="https://coingape.com/meme-coin/" rel="noopener noreferrer nofollow"> meme coin </a>rallying above $1. At the time of writing, the WIF price stands at $1.76, marking a solid surge of more than 27% during the European trading session. The token hovered between a low of $1.35 and a high of $1.77.
According to data from <a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/dogwifhat/">Coinmarketcap</a>, the WIF price has substantially increased. There has also been a surge in trading volume, which now ranks at position 13 with $811 million.
The surge in Solana’s market value has led to a notable increase in WIF price. Presently, Solana stands at just over $140, reflecting significant growth. This movement also boosts <a href="https://coingape.com/top-solana-memecoins/" rel="noopener noreferrer nofollow">Solana-based meme coins</a>, gaining traction and indicating a broader market trend.&nbsp;
The Dogwifhat price is currently grappling with a $2 resistance level. A successful breach of this barrier could signal a bullish trend, potentially driving the price up to $2.5. This development would set the stage for a subsequent push towards the crucial $3 resistance level.
The 4-hour <a href="https://coingape.com/best-indicators-for-crypto-trading/" rel="noopener noreferrer nofollow">technical indicators</a> for WTI/TetherUS on Binance show a noteworthy rebound. The Relative Strength Index (RSI) is positioned at 61.51, indicating a strengthening momentum but not yet overbought. Concurrently, the Moving Average Convergence Divergence (MACD) illustrates a bullish crossover, with the signal line transitioning above the MACD line, reflecting increased buying pressure.&nbsp;
<figure id="attachment_211408" aria-describedby="caption-attachment-211408" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-211408" src="https://coingape.com/wp-content/uploads/2024/08/WIFUSDT_2024-08-07_18-19-42.png" alt="Dogwifhat Price Analysis: WIF Soar 26%, Eyes $3 Retest" width="1154" height="622" srcset="https://coingape.com/wp-content/uploads/2024/08/WIFUSDT_2024-08-07_18-19-42.png 1154w, https://coingape.com/wp-content/uploads/2024/08/WIFUSDT_2024-08-07_18-19-42-300x162.png 300w, https://coingape.com/wp-content/uploads/2024/08/WIFUSDT_2024-08-07_18-19-42-768x414.png 768w, https://coingape.com/wp-content/uploads/2024/08/WIFUSDT_2024-08-07_18-19-42-150x81.png 150w" sizes="(max-width: 1154px) 100vw, 1154px">
 <figcaption id="caption-attachment-211408" class="wp-caption-text">
 Dogwifhat Price Chart: Source| <a rel="noopener noreferrer nofollow" href="https://www.tradingview.com/x/ONjNrUAy/">TradingView</a>
 </figcaption>
</figure>
Conversely, a market downturn could see the Dogwifhat price retreating to the established $1.5 support level. A strong bearish influence might further depress its value to around $1. This scenario would suggest a market shift towards a bearish trend.
The post <a href="https://coingape.com/markets/dogwifhat-price-analysis-wif-soar-26-eyes-3-retest/" rel="noopener noreferrer nofollow">Dogwifhat Price Analysis: WIF Soar 26%, Eyes $3 Retest</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Dogwifhat Price Analysis: WIF Soar 26%, Eyes $3 Retest

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