Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Technical Analysis

Dogwifhat and BONK defy crypto market decline

Source Fxstreet

WIF and BONK are up about 6% in the past 24 hours.
The meme coin market cap is down nearly 6% following declines sustained in DOGE, SHIB and PEPE.
WIF could rally toward $2.939 if it smashes resistance near $2.643.

Solana meme coins dogwifhat (WIF) and BONK are among the top gainers in the top 100 cryptocurrencies category on Monday following defiance of the market downturn in the past 24 hours.

WIF could continue impressive run despite wider crypto market downturn

The meme coin category lost 5.8% of its market capitalization in the past 24 hours following declines of 7%, 9% and 4% in top meme coins Dogecoin (DOGE), Shiba Inu (SHIB) and PEPE, respectively.

While the meme category often suffers a setback when the top three take losses, WIF and BONK have defied the market drawdown, increasing about 6% in the past 24 hours.

Notably, WIF has been in an uptrend since the Federal Reserve (Fed) reduced rates by 50 basis points last Wednesday. WIF has soared over 65% during the period, outperforming nearly every other token in the top eight meme coins category, per Coingekco's data.

Top eight meme coins

WIF could rally to $2.939 if it moves above key resistance

The rise also saw WIF breaking out of a downtrend visualized by a key trendline extending from May 29 and flipping the 50-day, 100-day and 200-day Simple Moving Averages (SMA). As a result, the top Solana meme coin is seeing heightened bullish momentum.

On the 4-hour chart, WIF is trading within key rectangle channels and aiming to tackle the resistance around $2.643. A successful move above this level could send WIF toward another key resistance level at $2.939. If the uptrend continues, WIF could break above this level and rally toward the resistance at $3.472.

WIF/USDT 4-hour chart

On the downside, the SMAs could provide support to prevent any sharp decline.

The Relative Strength Index (RSI) and Stochastic Oscillator momentum indicators are above their neutral levels and approaching the oversold region, indicating prevailing bullish pressure.

WIF's rising futures open interest (OI) supports the price growth.

Open interest is the total number of unsettled outstanding positions in a derivatives market. Rising open interest during price growth indicates traders expect the trend to continue.

WIF's OI neared a four-month high of $439.43 million on Monday, the highest level since June 7.

WIF Futures Open Interest

A candlestick close below $2.038 will invalidate the bullish thesis.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Gold ends three-week slide at the $4,400 line — eight straight days of ETF inflows vs a 5% 10-year and a 100 dollar Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Author Suzie

Sep 20, Sun

Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

Sep 23, Wed

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Four jobs reports in five days: what JOLTS, ADP, claims and the September payrolls mean for the October Fed decision The US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.

Author Mitrade

Yesterday 06: 33

The US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.

Nvidia's $150 billion buyback landed — and the AI sector fell anyway. That's the signal worth trading Nvidia closed up 1.68% at $228.86 on 28 September after announcing a $150 billion share repurchase authorisation, the largest single corporate buyback on record, while the rest of the AI complex sold off: AMD -3.6%, Micron -2.6%, Meta -4.8% and the Philadelphia Semiconductor Index -1.61%. The divergence is not noise. Capital is rotating toward cash-flow certainty, not abandoning the AI theme. With Micron reporting after the close on 30 September, here is what the split means.

Author Irene Q.

9 hours ago

Nvidia closed up 1.68% at $228.86 on 28 September after announcing a $150 billion share repurchase authorisation, the largest single corporate buyback on record, while the rest of the AI complex sold off: AMD -3.6%, Micron -2.6%, Meta -4.8% and the Philadelphia Semiconductor Index -1.61%. The divergence is not noise. Capital is rotating toward cash-flow certainty, not abandoning the AI theme. With Micron reporting after the close on 30 September, here is what the split means.

The 30-year Treasury just hit a 22-year high — and the bond market is not pricing the Fed, it is pricing the deficit The 30-year Treasury yield closed at 5.56% on 28 September, the highest since June 2004, while the 10-year reached 5.24% and the 20-year 5.60%. The curve has steepened roughly 30bp in eight sessions even as October hike odds sit at 70.3%. That gap is the story: the long end is repricing fiscal and inflation risk, not policy. With PCE on Wednesday and payrolls on Friday, here is what the long end is really saying.

Author Irene Q.

8 hours ago

The 30-year Treasury yield closed at 5.56% on 28 September, the highest since June 2004, while the 10-year reached 5.24% and the 20-year 5.60%. The curve has steepened roughly 30bp in eight sessions even as October hike odds sit at 70.3%. That gap is the story: the long end is repricing fiscal and inflation risk, not policy. With PCE on Wednesday and payrolls on Friday, here is what the long end is really saying.

Popular Symbols