Dogwifhat (WIF) price prediction: Why $2.20 is a critical buy zone.
WIF has seen an increase in Open Interest, but nowhere near the highs it saw back in late May.
The funding rate is at 0.01%, indicating that the leverage that has come on is the majority, Longs.
WIF has done superbly to climb back above $2.20 and make further progress higher. Price has stalled around $2.80 after the RSI moved into overbought territory.
To the downside, the $2.20 area seems to be the most likely major support. If price were to re-visit this area, we would consider buying more WIF.
To the upside, the key level to still break above is $3.05.
Cryptonary's take
The last ten days or so have shown us that when WIF begins a move, it can really move, and if you're not exposed, you feel very left behind. WIF is one of our best long-term plays for this cycle. Therefore, we continue to hold Spot bags, and we'd consider adding to our Spot bags if price retests $2.20.However, we did risk-on more with WIF in the $1.60s two weeks back. For those under-exposed, $2.20 is a potential area to add to bags. In the next 6-12 months, we expect upside price targets well north of $10.
$10 is likely a very conservative price target.
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