70% dogwifhat traders go long – Is $0.78 in sight for WIF?
The post 70% dogwifhat traders go long – Is $0.78 in sight for WIF? appeared on BitcoinEthereumNews.com.
70.10% of Binance traders favor long positions, reflecting strong conviction in dogwifhat’s bullish breakout. Overleveraged bets around $0.582 and $0.633 could trigger sharp liquidations if price swings intensify. dogwifhat [WIF], the popular Solana-based memecoin, has continued its bullish streak for the third straight day, riding a broader market rebound. This upward rally in the memecoin has further strengthened following a shift in overall market sentiment, as the majority of assets turned green and recorded a notable price surge. Price momentum builds on surging interest At the time of writing, WIF traded near $0.62, up 9% over the past 24 hours. This bullish momentum in the memecoin and the entire shift in the market sentiment have garnered significant attention from traders and investors, leading to a surge in the trading volume. In fact, WIF’s 24-hour trading volume jumped 35%, reflecting stronger participation from both retail and pro traders. With upside momentum building, trader interest in the memecoin has skyrocketed, as they increased their long-side bets and began opening new positions, according to on-chain analytics firm CoinGlass. 70% of traders bet on WIF long positions The Binance WIFUSDT Long/Short ratio stood at 2.34, indicating strong bullish sentiment among traders. This means that for every 2.34 long positions on WIF, there is only one short position. Further data reveals that 70.10% of top traders favored long positions, while just 29.90% held shorts—underscoring strong market conviction. Source: CoinGlass Meanwhile, liquidation data revealed that traders have targeted the $0.582 and $0.633 levels as key support and resistance zones and are over-leveraged at these levels. Over the past 24 hours, they have built $3.71 million worth of long positions near the lower level and $394.17k worth of short positions near the upper level. These bets reflect a bullish market sentiment at the moment. Source: CoinGlass Funding…
Filed under: News - @ May 9, 2025 2:26 am