Dogwifhat (WIF), which has been trending in recent days, has exhibited an unexpected recovery and recorded a 12 %increase in 24 hours. This rise was triggered by liquidity of $ 2 million shorts and increased the purchase appetite of investors.
Dogwifhat (WIF) is moving again
The breast coin market tended to decline on January 29, and the total market value in this segment decreased by 2 %to $ 92 billion. However, Dogwifhat (WIF), one of the popular breast coins of Solana (left) ecosystem, caught a 12 %rise by challenging the overall fall trend. During writing, the WIF was traded for $ 1.32.
This rise increased the interest of purchasing for WIF, which is below $ 1, which is the lowest level of the last 11 months. According to CoinMarketCAP data, the transaction volume increased by 210 %and reached $ 1 billion. At the same time, Coings data showed that Short liquidations reached $ 2 million, which was the highest level of the last two weeks.
WIF Price Analysis
The recovery of WIF from many monthly low levels took place simultaneously with a strong procurement pressure, which showed that the rise tendency could continue. However, in order to keep the bulls control, the WIF needs to exceed the resistance level (0.786 Fibonacci level) in $ 1.62.
The relative power index (RSI) gave a strong upward movement. However, this indicator is still at 40 level. Technically, it is difficult to say that the market enters a definite bull trend unless the RSI rises above 50.
Similarly, the equilibrium volume (OBV) indicator has a negative appearance. Since the procurement pressure has not yet exceeded the seller pressure, it may be interrupted. If the WIF exceeds the resistance level of $ 1.62, the rise can gain further. However, if the rise momentum disappears and the price falls below $ 1, the decrease trend may be strengthened.
Lock levels
In the last 24 hours, a strong purchase pressure has occurred in the market with the necessity of closing the $ 2 million Short position. When the liquidation map of Coings is examined, the price of WIF moves upwards during these liquidity. The largest liquidation set is $ 1.37. If WIF reaches this level, investors in Short position may have to make a compulsory purchase, which may support the rise.
However, investors need to pay attention to the support level of $ 1.26. There is a risk of liquidation of long positions if this level goes down. If the price falls below $ 1 and falls to $ 0.97 levels, a sharper decrease may be experienced due to the intensification of liquidations.
Recently Solana -based breast coin projects continue to attract great interest. In particular, the new breast coin, Trump -backed Official Trump (Trump), is a leading position with a market value of $ 5.57 billion. The WIF is currently ranked third with a market value of $ 1.32 billion and is just behind the second Bonk. If the WIF can maintain its rise, it can take the second place in the short term and get the second place.
However, WIF has to rise above $ 5 to be Solana’s largest breast coin. In order to achieve this goal, he must continue the rise trend by maintaining the market momentum.
