Dogwifhat WIF/USD has rallied 12% on Monday, sparking predictions of a potential bull run from traders.
What Happened: Trader CrediBULL Crypto stated that Dogwifhat hit his upside target, leading him to take profits on his long positions in altcoins.
While Dogwifhat is now in his "short interest" zone, he's waiting to short until its Bitcoin pair rises about 15% to reach his resistance zone. For now, he's exited all long positions on altcoins and is observing the market's next moves.
He further explained that if the BTC pairing climbs up and the USD pairing remains within the short zone, he will then take the short.
Crypto trader Bluntz Capital noted a significant inverse head and shoulders breakout in Dogwifhat's chart, advising traders to "own all the dogs that are already on exchanges."
Another trader remains bullish, predicting a $25 price target for Dogwifhat
Also Read: Dogwifhat Struggles To Keep Up With Dogecoin, Shiba Inu: What Is Going On?
Why It Matters: CrddiBULL Crypto's trading strategy provides insight into the current dynamics of the WIF market. His shift from long to short positions indicates a potential change in market sentiment, which could influence other traders’ decisions.
Meanwhile, the positive sentiment from other traders reflects continued optimism for the meme coin, especially as it secures new listings on exchanges. SolCex Exchange announced Dogwifhat's listing, effective Nov. 12. The exchange stated, "the hat stays on."
What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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