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contributor Posted: September 6, 2024 Following the recent consolidation breakout, there is a high possibility that WIF could soar by 20%. An expert noted nobody is ready for WIF’s upcoming V reversal. After experiencing a significant price decline of over 20% in the past few days, popular Solana [SOL]-based meme coin dogwifhat [WIF] appeared poised for an upside rally. Since the beginning of September 2024, WIF’s Open Interest has continuously risen from $199 million to $221 million at press time, according to data from Coinglass. Source: Coinglass Bullish signals emerge Rising Open Interest amid this bearish market sentiment could be a potential signal of price reversal. The OI-Weighted Funding Rate also supported this bullish outlook, as it was positive at press time, indicating that more traders were expecting the price to go up. This suggested a strong bullish conviction. AMBCrypto noted that WIF appeared bullish after recently breaking out of the consolidation zone near the crucial support level of $1.50. Its Relative Strength Index (RSI) is in oversold territory, indicating a potential price reversal. Based on the historical price momentum, with this recent breakout, there is a high possibility that WIF could soar by 20% to the $1.90 level or even higher.  Source: Tradingview A strong reversal for WIF? Recently, crypto expert Bluntz_Capital shared a post on X (previously Twitter) citing that WIF has perfectly retested the perfect channel pattern on a four-hour time frame. He noted, “Nobody is ready for the V reversal that about to happen.” Based on the expert’s predictions, there is a high possibility that WIF could rise to the $2.2 level soon. As of press time, the major liquidation levels were near $1.547 on the lower side and $1.658 on the upper side, as traders were over-leveraged at these levels, according to Coinglass.  Source: Coinglass…

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Filed under: News - @ September 6, 2024 12:12 am