WIF declines by 35% on weekly charts amidst declining open interest. Analysts predicts a further decline to $1
Amidst crypto market volatility, dogwifhat has been hit had. WIF has declined by 35% on weekly charts leaving analyst eyeing a further drop to $1 or below.The cryptocurrency market has experienced extreme volatility over the past months. Over the last seven days, the market has seen all cryptocurrencies experience a massive decline.Amid the WIF’s decline, the market sentiment is strongly bearish. The analysts have shown their pessimism about the possible reversal, predicting a further decline.
According to the market prophit, the Crowd Z Score is below zero at -1.05, and the market prophit sentiment is below zero at -0.0118.Dofwifhat sustained decline arises from increased liquidation for long positions and declining open interest. AMBCrypto’s analysis of Coinglass shows WIF open interest has declined over the past 7 days.
When long position liquidation soars, investors are forced out of their positions, thus selling at a loss as they lack the conviction to pay premiums and hold their positions.As of this writing, WIF was trading at $1.55 after an 8.84% decline on daily charts. Amidst the price drop, WIF’s trading volume has also declined by 32.93% to $353.5 million over the last 24 hours.Therefore, our analysis shows WIF is experiencing a strong downward momentum. For instance, RVGI is below zero at -0.
Thus, the market is experiencing a strongly bearish trend, and AO confirms the trend is most likely to continue. Equally, the MACD further proves this as it’s below zero at -0.109.On monthly charts, WIF has experienced a strong downward momentum. Over the past seven days, the memecoin has declined by 35%, and thus, if these conditions prevail, WIF will decline further.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
dogwifhat: How WIF jumped +35% in a month and is $10 the next stop?WIF records 35.5% increase in 30 days. Dogwifhat market capitalization surge by 1306% in 2024 as analysts eye $6b.
Read more »
Why Solana-based WIF whale’s $24M dump could spur 15% price dropWIF whales have been active lately, with one whale in particular contributing to a lot of tension within the memecoin's market...
Read more »
dogwifhat gives bullish signals: Why $2.4 resistance is important for WIFDogwifhat defended the $1.5 support zone and drove a 60% rally over the past week, and bulls anticipate an upward breakout.
Read more »
Vigil remembers missing B.C. family 35 years after disappearanceRonnie Jack's brother Ted, right, and extended family are still looking for answers after the family disappeared.
Read more »
35 Funny Memes Made By An Introvert For IntrovertsGuy creates 35 hilarious memes that perfectly express what it's like to be an introvert.
Read more »
35 Beauty Products So Good They Might Be Sprinkled With Fairy Godmother’s MagicTrust me, you're gonna want to bibbidi-bobbidi-buy these products.
Read more »