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Examining if dogwifhat traders can push WIF past THIS major hurdle
WIF’s bullish move faces a barrier but remains strong.
As we examine the current market trends, it appears that dogwifhat traders are poised to push WIF past a significant resistance level. The cryptocurrency has witnessed an impressive 19% surge in the last day, reaching $0.628. While this rally is still intact, WIF has now hit a major hurdle.
The asset’s chart shows a descending resistance (purple line), which also coincides with a Fibonacci retracement level. WIF has reacted negatively to this level, resulting in a minor price pullback. Nonetheless, analysis suggests that the asset could break through the resistance and rally by 34% to reach a new high of $0.897.
In addition to the potential for breaking through the resistance level, there’s also a possibility that WIF declines from its current level and trades into two key support zones – $0.634 or lower around $0.609 – before bouncing back to breach the resistance level and reach the rally’s peak target.
Our research indicates that a wave of buyers in the derivative and spot markets could propel WIF past this hurdle. Top traders on Binance and OKX are making long bets on WIF, with buying volume surging substantially, as depicted by the Taker Buy-Sell Ratio. A reading above 1 signifies that buying volume surpasses selling volume, whereas a reading below 1 suggests the opposite.
The current ratio for top traders on these exchanges is 3.54 and 1.81 respectively, indicating a strong conviction in WIF’s upward movement, which has historically been associated with positive price action.
Furthermore, Open Interest and Funding Rate have both risen simultaneously as these top traders enter the market. Open Interest surged by an impressive 5.83% to $203 million, while the Funding Rate stood at 0.0054% at the time of writing.
The confluence of increased buying volume and a positive sentiment is expected to drive WIF’s price upward, paving the way for it to potentially break through this major hurdle.
Additionally, spot traders are exhibiting similar buying behavior as the week-over-week exchange netflow remains negative. This week alone has seen a total of $9.05 million worth of WIF being purchased and moved to private wallets, likely for long-term holding.
Throughout February, a staggering $64.49 million worth of WIF has been bought and withdrawn from exchanges. These movements, as expected, will reduce WIF’s exchange supply, thereby driving its value upward.
In conclusion, it appears that dogwifhat traders are poised to push WIF past this major hurdle. The asset’s chart reveals a strong likelihood of breaking through the resistance level and continuing its bullish movement.
Source: https://ambcrypto.com/examining-if-dogwifhat-traders-can-push-wif-past-this-major-hurdle/
