Dogwifhat Price Prediction As 8% Tumble In Open Interest Spells WIF Crash To $1.5

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As a researcher with extensive experience in cryptocurrency market analysis, I believe that Dogwifhat (WIF) holders are currently faced with a difficult decision as the price of their token continues to slide below critical support levels. According to recent data from CoinMarketCap and Coinglass, WIF has experienced significant losses in the last 24 hours, with over $1.84 million in liquidations largely attributed to long positions.

For those holding WIF, the thought of selling to minimize losses may be crossing their minds as the value of WIF dips below the significant price point of $2. Based on information from CoinMarketCap, substantial losses have been racked up in the past 24 hours, resulting in a considerable decrease in market capitalization down to approximately $1.93 billion.

As an analyst, I’ve observed an intriguing development in the Solana meme coin market. Despite the price correction to $1.95 on Wednesday, there was a significant surge in trading volume, reaching $394 million. This increase suggests that traders remain engaged with the token. However, it’s important to note that shorts are currently dominating the scene, outweighing long positions.

Dogwifhat Price Prediction: Will WIF Revisit $1.5 Support

In the past 24 hours, according to Coinglass data, there have been over $1.84 million in liquidations of the WIF token. The vast majority of these, around $1.62 million, were long liquidations. Short liquidations accounted for the remaining approximately $220,000.

As an analyst, I observe that the current data indicates that bears have been gaining ground as dogwifhat corrects, with losses continuing from June into July. If the downtrend manages to break through the $1.9 support level, there is a risk of a significant sell-off for WIF, potentially leading us down to $1.5.

Dogwifhat Price Prediction As 8% Tumble In Open Interest Spells WIF Crash To $1.5

The recent decline in Dogwifhat’s price could intensify, causing concerns of a potential crash to $1.5. This fear is fueled by the significant decrease in open interest in the futures market, which has dropped by 7.78% to $270 million.

Since May, the average funding rate linked to this market has seen a significant decrease, going from 0.0126% to just 0.007%. The majority of the resulting liquidations took place on Binance, the leading cryptocurrency trading platform, with Bybit coming in second.

Assessing WIF’s Short-term Technical Structure

Dogwifh is currently facing significant selling demands from market makers. The stock’s current position beneath two essential Exponential Moving Averages (EMAs) – the 20-day and 50-day EMAs – intensifies the pressure on its support levels, increasing the possibility of additional losses.

Traders who have not initiated a short position on WIF may be keeping a close eye on the MACD indicator for further evidence of the downtrend.

When the blue MACD line drops beneath the red signal line, a sell signal emerges. The red histograms situated below the neutral zone add weight to this bearish trend, prompting traders to sell WIF and intensify the downward pressure towards the $1.5 support level.

Dogwifhat Price Prediction As 8% Tumble In Open Interest Spells WIF Crash To $1.5

As a researcher studying financial markets, I’ve noticed that a recent development in Dogecoin‘s price chart could potentially contribute to its downward trend. Specifically, there has been a formation of what’s known as a “death cross” pattern. This occurs when the 20-day Exponential Moving Average (EMA) falls below the 50-day EMA, signaling a bearish outlook.

Despite the Relative Strength Index (RSI) indicating a potential trend reversal at the end of June when WIF bounced back from the $1.5 support, the recent downturn places in danger the losses being erased during that recovery.

Anticipated is a synonym for expected or predicted. It’s expected that another rebound will occur from the same area, but resistance at $2 may hinder the recovery momentum. If this level is breached, it could spark fear of missing out (FOMO) among investors who have been riding the meme coin trend.

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2024-07-03 19:40