Trader Warns ‘Nobody is Ready’ for DogWifHat Reversal: WIF Price Breakout Ahead?
Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
Over the past 24 hours, the WIF price has surged a significant 8.09%, standing out as a major beneficiary in a 1.86% uptick among meme coins. This growth signals a potential significant reversal, with multiple traders forecasting a surge.
Today’s growth pushes WIF out of its recent rut, now down just 2.04% since last Thursday – outperforming other notable meme coins over the same period.
Indeed, amidst this strong performance interest in WIF has found new life, with its trading volume peaking around $350 million over the past 24 hours.
Some traders are anticipating a rebound for WIF, potentially pushing the price back up to $2.40, a level it hasn’t seen since July 30. This optimism stems from recent technical developments.
In a September 3rd X post, pseudonymous analyst Bluntz highlighted a “Perfect channel retest” on the WIF chart, suggesting that the asset may be poised for a significant move upward.
perfect channel retest on $wif.
nobody is ready for the V reversal thats about to happenhttps://t.co/zHX9WYRMOM pic.twitter.com/zfNKDI85an
A sentiment that seems to be echoed by other analysts, citing the development as grounds that WIF is “ready for its next leg up.”
And traders are starting to catch wind, WIF open interest (OI), the total number of WIF futures contracts that have yet to be settled or expire, jumping 14% to $$231.48 million in the past 24 hours, according to CoinGlass data.
A rise to $2.40 would represent a 50% increase from current prices. However, deeper analysis suggests that this could be just Stage 1 in a broader narrative
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