Dogwifhat (WIF) price at $1.17 shows a 2.74% intraday rise, fueling the 113% rally over the last 7 days, fueled by increased volume in the market. With the bull run, WIF token’s market cap hits $1.16 billion, becoming Solana’s fourth biggest meme coin. The increased optimism around Dogwifhat pumps the Open Interest (OI) to $445 million and risks an $8 million short liquidation if the meme coin hits $1.20. Adding tailwinds to Dogwifhat price, a bullish pattern breakout targets the $2 psychological level.
WIF Price Analysis Targets $2
Dogwifhat price reclaims the $1.17 price level last seen on January 31, marking a trend reversal after a brief consolidation under $0.75 supply zone. Bottoming out at $0.3042, the Solana-based meme coin has jumped almost 300% since then.
During the consolidation phase, the WIF price witnessed an inverted head and shoulders pattern formed as seen in the technical chart. The inverted head is formed at $0.30, with the shoulders forming near $0.51 and a neckline overlapping the $0.75 zone. This pattern is generally considered extremely bullish and known for resulting in upside breakout.
The bullish pattern’s 157% breakout target is calculated by adding the pattern’s depth to the neckline breakout point, targeting the $2 psychological level. The ongoing rally has already reclaimed the $1 mark and 44% of the projected 157% rally. Additionally, the recovery run has crossed above the 50% Fibonacci level at $1.15 and the 200-day Exponential Moving Average (EMA).
As the Solana-based meme coin sustains strong momentum, the uptick in 50 and 100-day EMAs nears a positive crossover. The Relative Strength Index has spiked into the overbought zon,e signaling strong underlying bullishness.
A failure to hold a decisive closing price above the 50% Fibonacci level to retest the $0.75 zone.
If the WIF price breaks under $0.75, the pattern breakout will be nullified. This will risk the 50-day EMA retest at $0.63, followed by the next support at $0.31.
Optimistic Bulls Dominate Derivatives as OI Hits $445 Million
Amid the skyrocketing WIF prices, the rising optimism in the derivatives market pumps the Open Interest (OI) to $445 million. This marks a more than 100% surge in seven days from $201 million on May 6.
Betting big on Dogwifhat, Binance traders anticipate a bullish trend continuation in the meme coin. Based on the Coinglass data, 68.74% of Binance accounts of all accounts trading WIFUSDT futures are holding a long position, pumping the long/short ratio to 2.20. Hence, the derivatives market data aligns with the WIF price prediction of reaching the $2 target.
Bulls are dominating the trend control as Dogwifhat exits a strong bullish setup with a 113% weekly rally. With more than 100% surge in Open Interest and 68.74% of Binance traders holding long positions, WIF price shows a strong chance of reclaiming the $2 milestone.
The post Can WIF Price Hit $2? Pattern Breakout and 100% OI Surge to $445M Signal Major Upside appeared first on CoinGape.
