Dogwifhat (WIF) price, a Solana-based meme coin, has recently seen a decline, signaling a bearish trend. The price of WIF is dipping amidst market turbulence, with both bulls and bears struggling to establish control. This reflects broader instability among meme cryptocurrencies.
Dogwifhat Price Dips as Open Interest Declines
According to Coinglass data, the trading volume and open interest in the WIF derivatives market have significantly declined. Trading volume has plunged 42% to $833 million, accompanied by a 6% decrease in open interest, now at $202 million. This slump highlights a weakening momentum among traders, potentially signaling a bearish trend in the market.
Ove the past 24-hours, Dogwifhat price has exhibited volatility, hovering between a high of $1.57 and a low of $1.47. As of the time of writing, the WIF price hovered at $1.53, with a slight increase of 0.42% during the U.S. trading hours.
WIF Price Analysis: Rebound or Continued Decline?
Over the past month, the meme coin has decreased by 40%, indicating a bearish trend. Additionally, the WIF price has experienced a 4% decrease over the past week following market corrections, suggesting continued volatility in this asset.
Dogwifhat price may decrease further, reaching a support level of $1.45. Increased selling activity could push its price down to roughly $1.3. This would reflect growing negative sentiment in the crypto market. If the downward trend continues, the meme coin might fall to $1.25.
The Relative Strength Index (RSI) currently stands at 54, suggesting a relatively balanced market condition with no immediate signs of overbought or oversold levels.
The Moving Average Convergence Divergence (MACD) supports this outlook with a positive histogram, showing increasing market momentum. The MACD line is above the signal line, which shows a bullish signal.
On the other hand, if bullish momentum returns, Dogwifhat price could break past the $1.65 resistance level. Overcoming this barrier might push its valuation to a new peak of $3. Further gains could eventually take the price as high as $5.
Frequently Asked Questions (FAQs)
Although the price has the potential to increase if bullish momentum returns, reaching $10 would require a significant market shift, especially given the current bearish trend.
The next resistance level is at $1.65. If the price falls, it may find support at $1.45, with potential further declines to around $1.3 or even $1.25.
Dogwifhat is a meme coin based on the Solana blockchain, characterized by its volatile price movements within the cryptocurrency market.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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.
Source: https://coingape.com/markets/dogwifhat-price-analysis-is-still-10-feasible-after-a-40-monthly-drop/
✓ Share: