The Solana-Meme cryptocurrency Dogiwfhat surged 5.4% on Monday’s market uptick, hitting a two-month high of $2.77. The bullish momentum was bolstered by the WIF buyer’s attempt to break past a 190-day resistance and a significant spike in future open interest (OI). Will Dogwifhat price lead the meme coin rally in October?
Dogwifhat Price Eyes Massive 50% Surge as Key 190-Day Barrier Falls
In the last 4-days, the Dogwifhat price sharply rose from $2 to $2.7, recording 34% growth. Consequently, the altcoin market cap boosted to $2.67 Billion. This price jump undermined the bearish pullback triggered by the Israel-Iran war and breached the $2.5 level.
An analysis of the daily chart shows the two converging trendlines drove a steady 6-month correction, which pushed the price to a low of $1 in early August.
This, the wedge pattern Breakout signals a major trend reversal for Dogwifhat price. If the demand pressure persists, the buyers could drive a 54% rally to chase $4.08 before challenging the peak of $4.86.
A potential bullish crossover between the 50-and-100-day exponential moving average would accelerate the recovery momentum and bolster a sustained rally.
WIF/USDT -1d Chart
Check out the article on top meme coins to buy for a detailed analysis
WIF Price Ends 190 days for Trend Reversal
According to Coinglass, WIF open interest has surged dramatically since mid-September, rising from $195.7 million to $370 million, reflecting an impressive 89% growth. This sharp increase in open interest indicates growing participation in the WIF futures market, suggesting a substantial buildup of positions by traders anticipating significant price movements in the near future
.Average Directional Index, ADX, at 28%, is poised in the overbought region. However, the momentum indicator Average Directional Index, at 28%, is poised to enter the orbought region.
WIF Futures Open Interest | Coinglass
Typically, this ADX high value indicates the buyers will soon hit exhaustion and could require a buyer for back to recuperate the bullish momentum. However, if the dogwifhat price breaks below $2, there’s a good chance of a notable crash to $1.
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