- WIF declined by 4.54% in 24 hours.
As memecoins bleed, dogwifhat may decline to $1.98 before buyers attempt another uptrend.
As a seasoned researcher with years of experience navigating the cryptocurrency market, I’ve seen trends come and go, but the recent volatility in memecoins like dogwifhat (WIF) has been quite intriguing.
Over the last month, meme coins have surged significantly. But, in the recent week, there’s been a significant drop in this market sector. In this volatile situation, the cryptocurrency known as Dogwhatever (WIF) has witnessed an alarming downturn on its daily price charts.
Currently, the stock of dogwifhat is being traded at $2.24. This represents a decrease of 2.41% over the past week, and an intensification of the downward trend by 4.54% in the daily charts.
Prior to this, WIF had been on an upward trajectory, hiking by 47.25% over the past month.
The latest price action raises questions about dogwifhat’s future trajectory.
Prevailing market sentiment
As per AMBCrypto’s examination, the price of WIF has pulled back recently to create a bearish engulfing formation following its rise two days prior. This may indicate an increased likelihood of temporary selling activity.
As such, it could result in further market correction before attempting another uptrend.
Typically, a bearish engulfing pattern emerges following a prolonged upward trend that’s visible when analyzing data from monthly charts. This pattern often signals a potential shift in market sentiment towards bearishness.
This pattern indicates that buyers may be relinquishing their dominance to sellers, possibly causing a shift in the price trend from rising to falling.
Consequently, given that WIF consistently encounters rejection at $2.5, this suggests that sellers hold significant influence over the market.
If persistent rejections occur, the WIF price might dip to a level around $2, presenting an opportunity for investors to buy back into the market and potentially push prices upward again.
What WIF charts indicate
Over the last week, the trend for dogwifhat appears to be significantly dropping. This suggests that the current market situation may lead to more decreases in its price chart.
Initially, it’s worth noting that Dogwifhat’s Directional Movement Index demonstrates a robust downward trend. Specifically, the negative index of 26.5 is significantly higher than the positive index of 22.
This suggested that the sellers had the upper hand, with the price showing a significant drop.
It appears that DMI- (Downside Movement Index) being greater than DMI+ (Upside Movement Index) indicates a downturn or bearish market trend, which may be intensifying since the Average Directional Index (ADX) is on an uptrend, suggesting that the bearish momentum is growing stronger.
Furthermore, the Open Interest in USD for each exchange managed by WIF has been decreasing significantly during the last week. At the moment of publication, it stands at approximately $187.9 million, down from its initial value of $242.9 million.
Such a decrease showed that investors weren’t creating new investments, instead choosing to close their current ones. This suggested that investors had doubts about the future success of the memecoin.
Ultimately, the total value of WIF dropped significantly from $2.9 billion to just $995.9 million, indicating a weakening of buyer interest, which might suggest that the current upward trend could be slowing down.
Read dogwifhat’s [WIF] Price Prediction 2024–2025
The substantial decrease in volume indicated that sellers were dominating the market, leading us to anticipate a reversal or decline soon.
Consequently, given the present market trends, it’s possible that the value of WIF might decrease more on its price graphs. This dip could provide a good chance for potential buyers to re-enter the market, as the memecoin may find its next strong support around $1.98.
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2024-10-06 15:04