The bullish momentum for dogwifhat [WIF] has further strengthened after a significant increase of 48.19% over the week, and this upward trend has continued into the daily timeframe, with prices soaring again by 27%, laying the groundwork for further gains.
However, various indicators provide different perspectives on the magnitude of the rise, offering multiple insights into asset price movements.
The symmetrical triangle gives WIF an advantage.
WIF is currently in a symmetrical triangle pattern, which is generally seen as a bullish catalyst, and prices typically move towards the peak of the channel, possibly even surpassing it.
In this case, the peak of the channel is expected to be $4.860. To fully realize the rebound and trigger a significant rise, WIF must first break through the resistance line at $2.918, which may turn into a support level.
From this point, the short-term target is $4.080, with a secondary target of $4.860, paving the way for WIF to potentially set new highs.
Further analysis by AMBCrypto indicates that the asset may experience an upward movement in the short term.
The indicators show that WIF will continue to rise.
Using the Aroon line, AMBCrypto has identified a bullish-dominated market trend, which may further drive up WIF.
The Aroon line is a technical indicator used to assess the strength and direction of a trend. It consists of two parts: the Aroon Up line (orange) and the Aroon Down line (blue).
When the Aroon Up line is above the Aroon Down line, it indicates bullish market sentiment. Currently, the Aroon Up line is at 100.00%, while the Aroon Down line is at 50.00%, suggesting that the market may maintain bullish momentum.
Moreover, the Relative Strength Index (RSI), which measures market momentum speed and change, is trending upwards and remains in the positive zone.
The current RSI reading is 66.27, indicating strong bullish sentiment. If this trend continues, WIF will rise further.
Sentiment is mixed, but mostly remains neutral.
The indicator tracking the number of unsettled derivative contracts shows a significant increase in open interest, up by 23.27%, which is favorable.
This positive positioning indicates that bullish positions have been actively opened in the past 24 hours, with a total value reaching $549.55 million.
On the other hand, liquidation data shows that the amounts of long and short liquidations are nearly equal, indicating neutral market sentiment.
The amount of long liquidations is $4.3 million, while the amount of short liquidations is $4.52 million. Additionally, the long/short ratio is 0.9786, close to neutral territory.
These indicators turning towards a more bullish trend could result in a significant rise for WIF.
