Dogwifhat's WIF price teeters at a crucial point - Possible 25% drop?
Heads up, Dogwifhat (WIF) traders! Here's the skinny on this Solana-based memecoin that's currently giving folks a run for their money.
While WIF witnessed a whopping 75% surge, it's been struggling to maintain the momentum. At the moment, it's trading around $0.559, down by 5.5% over the last 24 hours, sending shivers down spines and drying up participation.
Now, you might think that's bad news. But wait, it gets worse. Over the same period, WIF faced a 40% drop in trading volume, pointing to a weak bearish momentum. Some markets are wary, saying if WIF can't hold its key support level of $0.545, it'll head back to bear country and might dive as low as $0.41 in the coming days.
But fear not, for our super hero Chaikin Money Flow (CMF) indicator says there's strong buying pressure in the asset, provided it stays above the $0.545-level.
Now, if you think this sounds bearish, you ain't seen nothing yet. On-chain analytics firm Coinglass is flashing a bright red warning sign. They're saying WIF's Open Interest (OI)-weighted funding rate is almost at -0.00103%, indicating a powerful bearish sentiment, with many traders betting against the memecoin.
To add more fuel to the fire, WIF's long/short ratio is at 0.944, hinting at the dominance of short positions, and 51.44% of global traders are taking short positions, while only 48.56% are on the long side.
So, what do you make of this, partner? Time to cut and run, or do you think WIF has a fighting chance? As always, proceed with caution.
Quick Scoop:- WIF's bulls are showing decent buying pressure, but they need to hold above $0.545 to avoid a bear market.- Traders worldwide are predominantly shorting WIF, and Coinglass's analysis suggests a further price decline.- The market sentiment remains cautious, with price projections ranging from $0.1675 - $4.85+ by 2025. Keep an eye on WIF's trading volume and key support levels to make smart decisions.
- The Solana-based memecoin Dogwifhat (WIF) has seen a significant 75% surge, but it's currently trading around $0.559, down by 5.5% over the last 24 hours.
- Over the same period, WIF faced a 40% drop in trading volume, indicating a weak bearish momentum.
- Some markets are wary, saying if WIF can't hold its key support level of $0.545, it might dive as low as $0.41 in the coming days.
- However, the Chaikin Money Flow (CMF) indicator suggests there's strong buying pressure in the asset, provided it stays above the $0.545-level.
- On-chain analytics firm Coinglass, though, is flashing a bright red warning sign, indicating a powerful bearish sentiment, with many traders betting against WIF.
- The long/short ratio of WIF is at 0.944, hinting at the dominance of short positions, and 51.44% of global traders are taking short positions, while only 48.56% are on the long side.
- The market sentiment remains cautious, with price projections ranging from $0.1675 - $4.85+ by 2025. Keep an eye on WIF's trading volume and key support levels to make smart decisions in this crypto market.
