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David Tevzadze
David Tevzadze

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๐Ÿš€ Golden Cross Keeps Dogwifhat ( $WIF ) on Track to Stay Above $3

๐Ÿ“ˆ Golden Cross Boosts Dogwifhat (WIF) Momentum
On November 1, WIFโ€™s 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, WIFโ€™s price surged by 37%, reaching a five-month high of $3.

๐Ÿš€ 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.

๐Ÿ“Š RSI & Rising Demand
Over the past week, WIFโ€™s 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.

๐Ÿ“‰ Open Interest Signals Bullish Activity
WIFโ€™s 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.

๐Ÿ’ฐ 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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