- 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 Rate and Open Interest confirm the sentiment
On-chain signals continued to reflect upside bias. At press time, the OI-weighted Funding Rate stood at +0.0060%, suggesting more traders were paying to hold long positions.
Meanwhile, Open Interest surged by 10%, further reinforcing the growing confidence among traders betting on continued upside momentum.
dogwifhat price action & key levels
According to AMBCrypto’s technical analysis, WIF appeared bullish and poised for a significant upside rally at press time.
The four-hour chart showed that WIF had successfully broken out of a descending triangle pattern, paving the way for further upward movement.
Source: TradingView
If the price holds above $0.60, there’s room for a 20% rally, potentially pushing WIF toward the $0.783 resistance.
Besides price action, WIF’s Relative Strength Index (RSI) stands at 62, indicating strong momentum.
Despite the notable surge in the memecoin’s price, this RSI level suggests that it still has room to continue its upward momentum before entering overbought territory.
