Dogwifhat (WIF) Poised for Another 12% Price Drop, Here’s Why

Within the present bearish market sentiment, Solana-based Dogwifhat (WIF) is poised for a attainable value correction within the coming days. On September 11, 2024, WIF skilled a value drop of greater than 8% and is now at a vital degree. Nevertheless, on-chain metrics comparable to WIF lengthy/quick ratio, WIF OI-weighted funding charges, and future open curiosity present bearish alerts.

WIF value efficiency

On the time of writing, WIF is buying and selling round $1.53 and has skilled a value drop of over 8% within the final 24 hours. In the meantime, buying and selling quantity has elevated by 10% over the identical interval, indicating larger participation from merchants and buyers regardless of the value drop.

Dogwifhat (WIF) Technical Evaluation and Upcoming Ranges

In response to knowledgeable technical evaluation, WIF seems bearish and is buying and selling beneath the 200 Exponential Shifting Common (EMA) on a four-hour time-frame. Furthermore, it’s at present at a vital assist degree at USD 1,516.

If it fails to carry this degree and shut a four-hour candle beneath the $1.5 degree, there’s a good likelihood that WIF value will fall 12% to the $1.3 degree within the coming days.

Bearish statistics within the chain

WIF’s bearish outlook is additional supported by its on-chain metrics. Coinglass’s WIF Long/short ratio at present stands at 0.927, indicating bearish market sentiment. In response to the info, a protracted/quick ratio beneath 1 signifies bearish sentiment, and vice versa. In the meantime, the WIF OI-weighted funding charge stands at -0.0097%, additional indicating a bearish pattern.

Furthermore, future open curiosity has additionally fallen by 10%, indicating that merchants are closing or liquidating their positions as a result of latest value decline, and are at present hesitant to construct new positions.

Whales Win WIF Regardless of Bearish Sentiment

Regardless of this bearish outlook, whales and buyers appear to be exhibiting curiosity in WIF because it has skilled a notable value drop in latest days. In response to on-chain analytics agency Lookonchain, two whales have amassed a big 20.58 million WIF tokens value $33.35 million from Binance and Bybit over the previous two weeks.