Dogwifhat (WIF) Price Surges to 1-Month High, Rally to Continue?

Coinglass reports a 127.81% increase in derivatives, reaching $1.94 billion.

WIF recently surged to $2.4786, a one-month high and a 47% rise from $1.665.

The crypto market has experienced a remarkable turnaround, fueling investor optimism for a potential bull run. Bitcoin's surge to $65,000 has sparked a wave of bullish sentiment. WIF price analysis indicates a significant increase in value over the coming weeks.

Dogwifhat initiated the trading week strongly, rebounding from support at $1.5. Increased investor interest drove the price to $2.37.

According to Coinglass, derivatives have increased by 127.81% to $1.94 billion, indicating rising open interest (OI). 27.37% of new contracts have opened, totaling $302.47 million.

Bullish Momentum

After a period of decline, Dogwifhat (WIF) recently reached $2.4786, a one-month high. This represents a 47% increase from $1.665 over the past seven days (CMC data). However, trading volume has declined by 11% in the last day.

Despite a bearish trend among other memecoins (Dogecoin declining 2% and SHIB dropping 10% due to concerns over the WazirX breach), several indicators point to an upward trend for WIF. The 50-day EMA sits at $2.19.

Liquidation data shows that longs have outnumbered shorts, but shorts have dominated over longs in the last four days. However, $1.83 million in shorts have recently been liquidated.

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