- WIF price rebounded from key EMA bands with 10% growth in the past week.
- The dogwifhat price surged beyond a high-volume level, showing over 20% of the intraday increase.
- The positive impact of the U.S. Jobs Report boosted BTC and other cryptos, and a further boost can push the WIF price higher.
Dogwifhat (WIF), a meme-coin, has shown significant optimism this week. WIF price rebounded from the 20-day, 50-day, and 200-day EMA bands with nearly 10% growth in the past 7 days.
In the past 24 hours, WIF price has gained more attention as it surged beyond a high-volume level marked in red on the daily chart. This surge has resulted in an over 20% intraday increase. It coincided with Bitcoin’s (BTC) rise above $63,500.
BTC advanced by 2.90%, trading at $63,512, which helped lift the broader crypto market by 2.50%. It brought the global market cap to $2.21 trillion.
This positive momentum extended to various sector coins, including meme-coins like WIF crypto. The overall meme market cap rose to $50.87 billion from this week’s low of $43.71 billion.
Keep reading for more insights on whether dogwifhat crypto will continue to rise!
Impact of the US Jobs Report on BTC and Other Crypto’s
In September, nonfarm payrolls surged by 254,000. It was a significant increase from the revised 159,000 in August, surpassing economists’ expectations.
Average hourly wages for private nonfarm payroll employees rose by 0.4%, reaching $35.36. Over the past year, wages have grown by 4.0%, indicating steady but controlled wage inflation. The unemployment rate dropped to 4.1% in September from 4.2% in August.
This report paints a positive picture of the U.S. economy, with stronger-than-expected job gains and steady wage growth. It essentially suggests a robust labor market driving economic expansion.
The U.S. Jobs Report positively impacted market sentiment, alleviating fears of an economic downturn and boosting demand for riskier assets like cryptocurrencies. Investors are optimistic that the U.S. can avoid a recession, further enhancing risk appetite.
How BTC Can Boost More Gains in dogwifhat price?
Bitcoin, which holds a dominant 56.8% market cap share, often sets the trend for the entire cryptocurrency market. When Bitcoin gains momentum, both high-cap and low-cap coins follow its lead.
Recently, geopolitical tensions, such as Iran’s bombing on Israel, exerted significant downward pressure on global markets, including Bitcoin. Those events caused ripples throughout the crypto space.
Conversely, the recent positive U.S. jobs report boosted Bitcoin, which in turn lifted many other coins, including Dogwifhat crypto. Therefore, if Bitcoin continues to rise, the WIF price is likely to see further gains.
dogwifhat Price Witnessed Strong Liquidity Intraday
The recent surge in dogwifhat price resulted in a 20% increase in its market cap. It climbed to $2.69 billion, boosting the meme coin’s rank to 35 on CoinMarketCap intraday.
Our analysis of the WIF price shows that the spot volume inflow has garnered significant attention. Following the U.S. jobs report released 72 hours ago, the global market remained bullish, keeping Bitcoin on an upward trend.
This environment led to a 150% increase in WIF’s 24-hour trading volume, reaching $640.065 million. This surge in demand highlighted the substantial liquidity flowing into WIF, driving its price higher.
The intraday market cap-to-volume ratio was around 22% at press time, indicating a strong bullish presence. This surge could signal growing interest and potential growth in the upcoming sessions.
Derivatives Liquidity & Other Metrics Witnessed Phenomenal Bullish Signs
According to CoinGlass, the derivatives market for WIF crypto has shown significant optimism. It reflected the positive performance of the spot market.
In the past 24 hours, derivatives volume surged by 124.13%, reaching a total traded value of $1.82 billion. That’s an indication of the growing demand for WIF in the derivatives market.
Similarly, WIF’s open interest has increased to $478.11 million, a 29.42% rise from the previous session. The 24-hour long/short ratio stood at 1.0471, showing the dominance of short positions over long ones.
Moreover, $3.76 million worth of short positions were liquidated, compared to $297.77K in long positions liquidated intraday. This scenario suggests a positive outlook for WIF crypto in the market.
Derivatives Data | Source: Coinglass
Dogwifhat’s OI-weighted funding rates have also shifted to a positive 0.0072% in the past 48 hours. That signaled a decrease in bearish sentiment and growing market optimism for a rise in the WIF price.
These metrics highlight solid bullish sentiment for WIF crypto, confirming the recent intraday price surge. The increase in open contracts and higher short-side liquidations suggest that the WIF price could continue to rise.
Can the WIF price Test the $5 Level Again?
When Bitcoin made its all-time high in March 2024, the WIF price surged to $4.85. However, both have since declined, and WIF has experienced a steeper drop. This decline has formed a falling wedge pattern, marked by a series of lower lows throughout Q2 and Q3 of 2024.
In Q4, the WIF crypto price reignited, crossing a high-volume profile level and surging 21% intraday. It is now approaching the upper boundary of the wedge. With improving conditions in the crypto space and Bitcoin’s recovery, the next move for WIF could be substantial.
The likelihood of a bullish breakout continuation from the falling wedge has increased, potentially pushing WIF towards the $5 mark.
According to the WIF price prediction, short-term targets are set at $3.00, with long-term targets at $4.00 and $5.00.
However, investor confidence could be shaken if WIF fails to maintain momentum and falls below the critical support level of $2.31. Therefore, investors should avoid FOMO and DYOR.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.