Reporter
Popular meme coin dogwifhat [WIF] has actually reached end up being the fifth-largest meme coin by market capitalization. It stood at $2.2 billion at press time.
AMBCrypto reported that the token’s trading sets on Jupiter were amongst the most popular.
In turn, this might stimulate higher interest in Solana [SOL] and its blockchain. When it comes to WIF, the uptrend continued after a pullback to $1.63.
The volume divergence might stall the WIF bulls
Source: WIF/USDT on TradingView
The Directional Movement Index (DMI) had both the +DI and ADX above 20 to indicate a strong bullish pattern in the 4-hour timeframe. The marketplace structure was likewise bullish.
In addition, WIF handled to climb up above the $2.276 swing high it set previously this month.
While the cost gradually made greater highs, the OBV has actually trended downward. This revealed that purchasing volume was decreasing even as costs climbed up.
This divergence recommended that WIF might draw back to the Fibonacci retracement levels outlined in the chart above.
The $1.63 level was checked as assistance on the 7th of March. Due to OBV divergence, another dip towards the $1.63, $1.48, or the $1.27 levels was possible.
The lower timeframe revealed that the $2 location has actually functioned as a need zone. A relocation listed below it would increase the possibilities of an ongoing depression.
Belief has actually stayed favorable behind WIF
The Open Interest has actually made greater lows and trended greater over the previous week. It has actually slowed down its development in the previous 48 hours as the bullish momentum stalled near the $2.4 level.
Sensible or not, here’s WIF’s market cap in BTC’s terms
The area CVD climbed up greater and saw a small dip on the 10th of March. In general, the lower timeframes showed that the purchasers still had the upper hand.
The $2 assistance level might show important in the coming days.
Disclaimer: The details provided does not make up monetary, financial investment, trading, or other kinds of suggestions and is exclusively the author’s viewpoint.
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