< img width="1200" height="628" src="https://image.coinpedia.org/wp-content/uploads/2024/09/12152031/Dogwifhat-WIF-Price%404x-100-min-1200x628.webp" alt="Dogwifhat (WIF) Price at Risk of 12% Drop As Market Sentiment Weakens" data-main-img="1" decoding="async" fetchpriority="high"/ > Dogwifhat(WIF)Price at Risk of 12 %Drop As Market Sentiment Weakens
In the existing bearish market, Solana-based Dogwifhat( WIF)appears headed for a cost correction. On September 11, 2024, WIF came by over 8%, bringing it to an essential level. In addition, essential on-chain metrics like WIF’s long/short ratio, OI-weighted financing rates, and open interest are all signifying additional bearish momentum.
Is it time for financiers to brace for effect, or exists still expect a turn-around? Let’s check out.
WIF Price Performance
WIF is presently trading near $1.53, down over 8% in the previous 24 hours. Remarkably, trading volume has actually leapt by 10%, revealing that regardless of the cost decrease, traders and financiers are more active. This recommends that market individuals are still engaging with WIF, potentially in anticipation of additional relocations.
Dogwifhat (WIF) Technical Analysis & & Key Levels
Technical analysis recommends a bearish outlook. WIF is trading listed below the 200 Exponential Moving Average (EMA) on the four-hour chart, which shows weak point. In addition, the token is hovering around a crucial assistance level at $1.516.
Source: Trading View
If it stops working to remain above $1.50 and closes a four-hour candle light listed below this level, WIF might drop another 12% to $1.30 in the future.
On-Chain Metrics Signal Trouble
WIF’s bearish outlook is more supported by the on-chain metrics. Coinglass’s WIF Long/Short ratio presently stands at 0.927, recommending bearish market belief. According to the information, a long/short ratio listed below 1 shows a bearish belief and vice-versa. The WIF OI-weighted financing rate is -0.0097%, additional showing bearishness.
Source: CoinGlassSource: CoinGlass
Future open interest in WIF has actually likewise stopped by 10%, which suggests traders are closing positions or getting liquidated after the current cost drop. This suggests hesitancy to open brand-new positions, even more showing the mindful market belief.
Why Are the Whales Accumulating?
In spite of this bearish outlook, whales and financiers seem revealing interest in WIF, as it has actually experienced a noteworthy cost decrease in current days. According to the on-chain analytic company Lookonchain, 2 whales have actually collected a substantial 20.58 million WIF tokens, worth $33.35 million from Binance and Bybit in the previous 2 weeks.
Check Out Also: Dogwifhat Price Prediction 2024-2030: Will WIF Price Leap To $10?
Are you purchasing the dip or remaining careful? Inform us your technique.
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