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Dogwifhat (WIF)

Dogwifhat Price 8% Away From Ending Six-Month Bearish Phase

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5 hours ago

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During the low-volatility Saturday session, the Dogwifhat price dropped by 2.8%, bringing it down to $2.27. The bearish momentum was triggered by the price’s ongoing struggle to break through the key resistance trendline of the falling wedge pattern, which has persisted since March 2024. As the market enters ‘Uptober,’ buyers could drive a final push to conclude this six-month correction.

Dogwifhat Price Inches 8% Closer to Breaking Six-Month Bearish Streak

The cryptocurrency market started October on a bearish trajectory, impacted by the escalating conflict between Iran and Israel. This downturn saw Bitcoin dropping below $65,000, while major altcoins, including Dogwifhat, faced significant reversals. Dogwifhat’s price tumbled from $2.64 to $1.96, marking a 25% loss before recovering slightly, reclaiming the $2 level.

Dogwifhat’s price is now encountering a significant overhead supply at the psychological $2.5 mark. This resistance is compounded by a falling wedge pattern established in March 2024. This chart setup, a typically corrective pattern, is defined by two converging trendlines that signal a steady downward correction. However, the price usually precedes a major breakout, suggesting a potential trend reversal.

Currently trading at $2.2, the WIF price is just 8% away from challenging the pattern overhead trendline. A successful breach from the resistance trendline will accelerate the recovery momentum and drive an 88% rally to hit $4.08, followed by $4.86.

A potential bullish crossover between the 50-and-100-day exponential moving average could support the bullish narrative.

Dogwifhat Price Dogwifhat Price
WIF/USDT -1d Chart

Check out the article on top meme coins to buy for a detailed analysis.

WIF Open Interest Soars 88% Amid Bullish Market Activity

Since mid-September, the WIF open interest has surged significantly from $195.7 million to $368.2 million, marking an impressive 88% growth. This sharp rise in open interest suggests increasing participation in the WIF futures market, which could indicate a substantial buildup of positions by traders expecting significant price movements.

WIF Futures Open Interest (USD)WIF Futures Open Interest (USD)
WIF Futures Open Interest | Coinglass

Additionally, dogwifhat’s Weighted funding rate spiked to 0.0062% on Saturday, according to Coinglass data. This positive value accentuates the buyers’ readiness to pay a premium price to hold a long position, indicating their confidence for further rallying.

WIF OI-Weighted Funding RateWIF OI-Weighted Funding Rate
WIF Weighted Funding Rate | Coinglass

On the country note, if Dogwifhat price reverts from the resistance trendline, the asset could prolong its current correction.

Frequently Asked Questions (FAQs)

Dogwifhat’s price is approaching a key resistance point, just 8% away from breaking out of a falling wedge pattern since march

A potential breakout from the wedge resistance and a bullish crossover between the 50-and-100-day exponential moving averages (EMA) could signal a trend reversal

Dogwifhat’s price faces strong resistance at the $2.5 psychological level, compounded by the falling wedge pattern that has been in place since March 2024

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Dogwifhat (WIF)

Dogwifhat Price Correction Attracts WIF Whales: 20% Rally Imminent?

Published

1 month ago

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September 2, 2024

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Dogwifhat price surged 4.5% to $1.45 on Monday during the Asian trading session. The bullish uptick follows the broader market relief after a notable correction last week. While most major altcoins have yet to confirm bottom formation, the highlighted interest from the WIF whale hints at a potential reversal looming.

Dogwifhat Price Set for Reversal Amid Whale Buying Frenzy

According to the on-chain data tracker Lookonchain, a whale accumulated 9.57 Million WIF(worth approximately $13.59M) from major crypto exchanges Binance and Bybit in the past four days. Typical whale accumulation is observed to coincide with major bottom formation, and they surge in positive market sentiment.

The Dogwifhat price is currently trading at $1.46, a significant drop of nearly 70% from its all-time high of $4.85. However, the recent whale activity isn’t limited to the accumulation mentioned above as the largest Dogwifhat whale recently purchased 800,556 WIF, increasing their total holdings to 28 million WIF, valued at $53.23 million.

Moreover, the WIF funding rate spiked to 0.016% on Monday, according to Coinglass. The positive value indicates the market buyers are ready to hold Dogwifhat’s long position by paying a premium, signaling the traders’ anticipation for recovery.

WIF PriceWIF Price
WIF Funding Rate | Coinglass

WIF Price Nearing End-of-Correction Amid Wedge Pattern Formation

For over a month, the Dogwifhat price has shown a sideways action wavering around the $1.65 mark. This consolidation trend, with notable swings on either side, indicates no dominance from buyers or sellers in driving this asset.

However, a broader perspective shows the WIF price still resonates within the two converging trendlines of the falling wedge pattern. This chart pattern signals a downtrend reaching maturity and could provide a decisive breakout for a fresh buying opportunity.

If the pattern holds true, the Dog-themed memecoin could surge 20% to challenge the resistance trendline of the falling wedge pattern. If the buyers flip this overhead trendline into potential support, the renewed recovery could target $2.9, followed by $4 and $4.85.

Dogwifhat PriceDogwifhat Price
WIF/USDT -1d Chart

On the contrary, a bearish alignment between the daily exponential moving averages (20, 50, and 100) hints the Dogwifhat price will face continued overhead selling pressure. Therefore, a price reversal from the downsloping trendline will prolong the ongoing correlation and push the asset back to $1.

Frequently Asked Questions (FAQs)

The Dogwifhat price surged by 4.5% due to increased whale accumulation and a positive shift in funding rates,

The recent whale accumulation of 9.57 million WIF tokens suggests confidence in WIF price recovery.

Despite positive signals, the bearish alignment of daily exponential moving averages suggests continued overhead selling pressure.

✓ Share:

Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Dogwifhat (WIF)

Dogwifhat Price Set to End 5-Month Correction Amid Whale Accumulation

Published

1 month ago

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August 25, 2024

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Dogwifhat price plunged 3.5% to $1.9 on Sunday trading sessions, underperforming in the less volatile weekend. However, the pullback is nominal compared to the early week rally, indicating a cool-off to recuperate the bullish momentum. Thus, the WIF price is poised for renewed recovery amid whale accumulation and open interest spike in future markets.

Dogwifhat Price Soars as Key Investor Acquires 800K WIF 

According to the on-chain tracker Lookonchain, the leading holder of Dogwifhat, has significantly increased its stake by purchasing 800,556 WIF tokens for $1.92 each, using 1.54M USDC. This acquisition raised their total holdings to 28 million WIF, with a market value of $53.23 million. 

Additionally, the investor demonstrated aggressive buying behavior by depositing $35.48 million worth of WIF into Kamino over the past three days and securing a $3.24 million USDC loan to purchase an additional 1.8 million WIF.

Such substantial investments by major stakeholders typically exert upward pressure on the asset, contributing to a sustained market recovery.

The Dogwifhat price currently trades at $1.9, boosting a market cap of $1.9 Billion.

Additionally, the open interest for WIF in the futures market surged from $192.8 million to $264.1 million within a week, marking a 37% increase, according to Coinglass. This significant growth suggests a rising interest among investors, indicating strong market confidence or speculative activity.

WIF coinWIF coin
WIF Open Interest | Coinglass

WIF Price Nearing a Major Breakout

This week, the cryptocurrency market witnessed a notable recovery amid a Bitcoin price rally of above $64000. Following the momentum, the dog-themed memecoin Dogwifhat bounced from $1.39 to $1.9, registering a 36% growth. 

An analysis of the daily chart reveals this upswing as the development of a falling wedge pattern— a major reversal pattern since March 2024. While the two converging trendlines of the pattern drive a steady downtrend, in theory, it signals diminishing bearish momentum. Thus, with sustained buying, the Dogwifhat price could rise 12% before challenging the overhead trendline at $2.1.

A potential breakout will signal a major shift in market trend and bolster a rally to $2.9, followed by $4.

Dogwifhat PriceDogwifhat Price
WIF|USDT – 1d Chart

Conversely, the overhead trendline has strengthened traders’ confidence against the sell-on-rallies sentiment. Additionally, the 100-day exponential moving average, which aligns with the downsloping resistance, could prompt another reversal in Dogwifhat price, potentially invalidating the bullish breakout.

Frequently Asked Questions (FAQs)

Dogwifhat is poised for recovery due to significant whale accumulation and a 37% surge in open interest in the futures market

A breakout above the overhead trendline at $2.1 could signal a major shift in the market trend for WIF price

The overhead trendline and the 100-day exponential moving average, coinciding with the downsloping resistance, could trigger a reversal.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Dogwifhat (WIF)

Dogwifhat Price Analysis As Open Interest Falls 40%; Go Long Or Short?

Published

2 months ago

on

August 4, 2024

By


Dogwifhat price analysis reveals a 2% drop on Sunday, hastily approaching the multi-month support of $1.5. Amid the broader market correction, most major altcoins, especially the meme cryptocurrency sector, witnessed significant corrections due to their volatile nature. The WIF price at the $1.5 floor indicates pivotal momentum for a potential rebound or accelerated correction ahead.

Also Read: Bitcoin Crashes Recession Fears Grip Markets: Should You Buy The Dips?

Dogwifhat Price Analysis: Key Support Level in Jeopardy

The cryptocurrency market recorded a notable downturn in the past two weeks. This selling pressure was initiated with Bitcoin’s reversal from the $70000 level and escalated mid-week amid geopolitical tension in the Middle East and recession fear.

The meme coin sector faced a significant impact as it rushed with market sentiment and speculative trading. The Dogwifhat price analysis shows a correction from $2.9 high to $1.57, registering a 46% loss within a fortnight. Consecutively, the market cap fell to $1.58 Billion.

Mirroring the price correction, the Dogwifhat coin has seen a notable decline in Open Interest since late July. Data from Coinglass shows that WIF’s Open Interest plummeted from $389 million to $239 billion, a decrease of 38%. This significant drop in OI indicates a reduced commitment or market liquidity for WIF, possibly pointing to waning investor confidence to bolster the price drop.

WIF Futures Open InterestWIF Futures Open Interest
WIF Futures Open Interest| Coinglass

The daily chart shows WIF’s price trading below the descending Exponential Moving Averages (20, 50, and 100), highlighting a bearish sentiment.

If selling pressure persists, the coin sellers could pierce $1.5 support and trigger a 27% drop to seek support of $1.1.

Also Read: Breaking: Bitcoin Reserve Bill Referred To Banking Committee in US

Dogwifhat Price AnalysisDogwifhat Price Analysis
WIF|USDT – 1D Chart

However, the $1.1 support level aligns with the support trendline of a falling wedge pattern, which may encourage buyers and revive bullish momentum. The chart setup features two converging trendlines that indicate waning bearish momentum over time.

Moreover, the momentum indicator RSI is nearing the oversold territory, which could entice buyers looking for a discounted asset.

A potential rebound could bolster the Dogwifhat price to challenge the overhead trendline at $2.7, registering a potential gain of over 60%. 

Frequently Asked Questions (FAQs)

Open Interest represents the total number of outstanding futures or options contracts that have not been settled. A high Open Interest means many traders are actively participating, which typically indicates strong market confidence and liquidity, while low OI data signals that many traders are closing their positions

The $1.5 floor stands are immediate major support, while the $2.2 stands as firm resistance.

A falling wedge pattern occurs when an asset’s price consolidates between two downward-sloping converging trendlines. It often suggests a potential bullish reversal.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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