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<p>Dogwifhat (WIF), the popular Solana-based meme coin has been making waves in the cryptocurrency landscape with its impressive performance. On November 11, 2024, WIF with a price gain of over 16%, formed a strong bullish price action pattern. It now appears poised for a potential 50% rally in the coming days.</p>   
<p>This bullish outlook could be fueled by current market sentiment, positive price action, and heightened investors' and traders' interest in the ongoing bullish market sentiment.</p>   
<h2 class="wp-block-heading" id="h-dogwifhat-wif-technical-analysis-and-upcoming-level"><strong>Dogwifhat (WIF) Technical Analysis and Upcoming Level</strong></h2>   
<p>According to expert technical analysis, the recent price surge has caused <a href="https://coinpedia.org/news/dogwifhat-wif-breakout-key-levels-signaling-a-major-rally/">WIF</a> to break out from a crucial resistance level of $2.9, which acts as the neckline for an inverted head-and-shoulder price action pattern on a weekly time frame.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/11/12041242/WIFUSDT_2024-11-12_04-12-27.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/12041242/WIFUSDT_2024-11-12_04-12-27-1024x449.png" alt="" class="wp-image-378534"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>   
<p>This resistance breakout in WIF has shifted the sentiment to strongly bullish and follows a notable period of price correction and consolidation, indicating a positive outlook for the meme coin.</p>   
<p>Based on recent price action and historical momentum, if WIF closes its daily candle above the $3.05 level, there is a strong possibility it could rise by 53% to reach $4.7 in the coming days.</p>   
<p>This bullish projection is further supported by WIF’s recent golden crossover, where the 50-day Simple Moving Average (SMA) crossed above the 200-day SMA on the daily time frame, a pattern that often precedes significant asset growth.</p>   
<h2 class="wp-block-heading" id="h-bullish-on-chain-metrics"><strong>Bullish On-Chain Metrics</strong></h2>   
<p>In addition to this technical analysis, on-chain metrics further support WIF’s positive outlook. According to the on-chain analytics firm Coinglass, WIF’s Long/Short ratio currently stands at 1.04, indicating strong bullish sentiment among traders.</p>   
<p>Furthermore, its <a href="https://www.coinglass.com/currencies/WIF" target="_blank" rel="noreferrer noopener nofollow">open interest </a>(OI) points to significant trader participation as the price breaks through the crucial level, suggesting potential for a notable upside rally. According to recent data, WIF’s open interest (OI) has increased by 13% over the past 24 hours and 9.8% in the past four hours, indicating heightened participation compared to the previous day.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/11/12041328/image-175.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/12041328/image-175-1024x360.png" alt="" class="wp-image-378535"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>   
<p>The combination of these on-chain metrics with technical analysis suggests that bulls are currently dominating the asset and supporting WIF in its upcoming rally.&nbsp;</p>   
<h3 class="wp-block-heading" id="h-current-price-momentum"><strong>Current Price Momentum</strong></h3>   
<p>At press time, WIF is trading near $3.05 and has gained over 12% in the past 24 hours. During the same period, its trading volume jumped by 71%, indicating notable participation from traders and investors.</p>

Dogwifhat (WIF) Flashing Buy Signal, Traders’ Eyes on 50% Rally

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