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- WIF’s price rose by 20% in less than an hour after Binance announced its listing.
- The Fibonacci extension signaled a move to $4.35 if buying pressure increases
- Open Interest in the meme coin climbed, as did the derivative volume.
A few minutes after Binance announced that it would launch dogwifhat (WIF) the price jumped by 20%. The move meant that WIF was able to surpass its all-time high as it hit $1.87. Binance disclosed the listing via various channels, including its X account and a blog post.
#Binance will list @dogwifcoin $WIF with Seed Tag Applied.➡️ https://t.co/zlKeAgCLO6 pic.twitter.com/76nuDTbsAO— Binance (@binance) March 5, 2024
WIF Explodes Again
WIF came into the limelight last year. But in the last few weeks, the meme coins have experienced an incredible amount of volume, and the price has skyrocketed. According to CoinMarketCap, WIF’s price has increased by a whopping 746% in the last 30 days. As a result, its market cap reached $1.98 billion. If WIF’s price continues to surge, the market cap could cross $2 billion.
It is also important to note that Binance included different pairs against the meme coin. The trading pairs included WIF/USDT, WIF/BTC, and WIF/FDUSD.
WIF Price Prediction
In the 1-hour timeframe, Coin Edition noticed that WIF’s surge had put sellers out of the way. Meanwhile, the Fibonacci extension also showed that the price could rise much higher than it has done.
At press time, the 0.786 Fib level was at $1.90, indicating that the region could be a good buying point. Furthermore, the 4.236 Fib level was at $4.35, suggesting that the price of the meme coin could move 3x from where it was at press time.
In a highly bearish case, WIF’s price could slide to $1.50. However, increased buying pressure could push the price higher. As of this writing, the 1-hour chart showed that there has been more buy volume than sell orders.
WIF/USD 1-Hour Chart (Source: TradingView)
Also, the RSI reading went higher, reinforcing the notion that WIF could hit $2 within a short period. In terms of the derivatives volume, Coinglass showed that it hit $2.15 billion. When it comes to the Open Interest, the derivatives information portal showed that it increased to $233 million.
The hike in Open Interest means traders are adding more liquidity to contracts linked to WIF. Concerning the price action, a surge in Open Interest could serve as strength for the uptrend. If this trend continues, WIF’s price could rise much higher than $2 going forward.
The post WIF Price Prediction: Will the Meme Coin Jump Another 10x as Binance Lists It? appeared first on Coin Edition.