๐ Golden Cross Boosts Dogwifhat (WIF) Momentum
On November 1, WIFโs 50-day Simple Moving Average (SMA) crossed above its 200-day SMA, forming a golden cross โ a bullish indicator signaling a potential uptrend. Following this, WIFโs price surged by 37%, reaching a five-month high of $3.
๐ Golden Cross Explained
A golden cross occurs when the 50-day SMA crosses above the 200-day SMA, suggesting recent momentum is outpacing long-term trends. This shift typically signals traders to consider long positions. Since forming this pattern, WIF has climbed almost 40%, indicating strong bullish sentiment.
๐ RSI & Rising Demand
Over the past week, WIFโs value surged by 48%. Its Relative Strength Index (RSI) is at 66.99, signaling growing demand while staying just below the overbought level of 70. This suggests continued buying momentum in the short term.
๐ Open Interest Signals Bullish Activity
WIFโs open interest has hit a monthly high of $448 million, indicating new money entering the market. A rise in both open interest and price suggests increased trading activity, supporting a continued rally.
๐ฐ WIF Price Outlook: $3 as Key Support
Currently, WIF trades at $3.00, just above its resistance at $2.99. If buying pressure holds, WIF could target $3.41, with potential for a rally to $3.96. However, a bearish turn could see prices fall back to $2.51.
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