- WIF declined with 12.7% in 24 hrs and 19.2% in seven days.
Metrics indicated that investors were closing long positions without opening new short positions.
As an analyst with experience in cryptocurrency markets, I have closely monitored the recent price movements of WIF (dogwifhat), the Solana-based memecoin. Based on the data provided and my analysis, I believe that the downtrend for WIF is likely to persist due to the pessimistic market sentiment.
As a researcher studying the cryptocurrency market, I’ve noticed that Dogewifhat (WIF), a memecoin built on the Solana (SOL) blockchain, experienced a 12.7% price drop within the last 24 hours. Over the past week, its value has decreased by approximately 19.2%.
The price drop over the past 24 hours has caused the market capitalization of WIF to decrease by 12.43%, landing at a value of $2.1 billion. In contrast, the trading volume for this cryptocurrency has significantly increased by approximately 69.96% during the same time frame, reaching $496 million. The circulating supply of WIF stands at 998 million units.
Currently, WIF is priced at $2.12 on the stock market, marking a persistent downtrend during the past several weeks.
According to AMBcrypto’s evaluation, WIF underwent a decline over the past two days. On June 16th, WIF made an attempt to turn things around following several weeks of flat performance.
As a crypto investor, I’ve observed the market closely, but unfortunately, my efforts to turn a profit during this extended downtrend have not been successful. The price has taken a significant hit, declining by approximately 50.88% from its high of $4.05 to reach a current level of $2.11.
Examining the RSI more closely, it signaled a continuation of the bullish trend since it was approaching the oversold level at 34. Additionally, the RSI line dipped beneath its moving average, suggesting a significant shift in market sentiment towards bearishness.
As an analyst, I’ve observed that since the 5th of June, the RSI moving average has consistently signaled a downtrend with a reading of 41. To trigger a potential pattern reversal, this trend would need to be accompanied by a notable change in market structure and support levels.
WIF: Pessimistic market sentiment
As a data analyst, I’ve observed that according to Santiment, the Open Interest for WIF denominated in USD has been steadily decreasing. Currently, the Open Interest stands at approximately $135 million, which is a decline from the $180 million reported on June 10th.
As a crypto investor observing the market trends, I noticed a decrease in open interest for WIF. This meant that fewer traders were eager to open new positions, suggesting a lack of enthusiasm and uncertainty about the current direction of the asset. Consequently, some investors chose to close their existing positions, reflecting their indifference and hesitancy towards the trend.
As a crypto investor, I’ve observed that traders were liquidating their long positions instead of initiating new short ones, leading to the subsequent price drop.
According to Coinglass data, the volume-weighted Funding Rate for WIF has been on a downward trend since the 15th of June. This rate has been rapidly dropping and even briefly dipped below the zero mark.
As a researcher studying market trends, I’ve observed that the decreasing funding rates, calculated on a per-unit-of-volume basis, reflect a growing bearish attitude among traders. Instead of earning fees for holding long positions, they are now paying to maintain their short positions.
Will the downtrend persist?
At the time of reporting, the market sentiment was extremely negative based on multiple indicators, which all pointed towards a persistent downturn.
Read dogwifhat’s [WIF] Price Prediction 2024-25
WIF’s Funding Rate was declining due to investor apprehension regarding market trends, leading them to abstain from opening fresh positions. Should pessimistic market feelings persist, WIF‘s price could dip down to $1.79.
In an optimistic outlook and potential trend reversal, the WIF price could strive to hit $4.06, establishing a fresh support zone approximately at $2.3.
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2024-06-19 12:08