dogwifhat (WIF) Price action has been rather interesting with WIF crypto taking support from the $1.49 level at the moment. In terms of daily gains, WIF price tops the charts surging almost 25%, trading at $1.97.
WIF & BTC 1.D. | Source: TradingView
The Dogwifhat (WIF) has a market cap of $1.96 Billion, bringing it to number 41 by crypto market capitalization on CoinMarketCap. Its 24-hour volume was more than $500 Million which amounted to a little over $573 Million. Thus, the volume to market cap ratio for the last 24 hours was at 29.50%, which showed a good liquidity present in the market.
What Do WIF Derivatives Suggest About Price?
The Dogwifhat (WIF) derivatives data analysis on the Coinglass website showed that more open contracts were brought into the WIF market, as its OI surged 25.28% (at press Time). The open interest and derivatives volume were massive in DOG at $248.86 Million and $1.80 Billion, respectively.
WIF Total Liquidations Graph | Source: Coinglass.com
Looking at the liquidation chart of WIF, this week, the longs liquidation was more on the graph, but from the last couple of days, shorts liquidation increased in the market.
The long-to-short ratio stood at 0.9771 at the time of writing; this shows that more shorts liquidated in the market than longs in the past 24 hours. The short liquidation was high, amounting to $743.72 K, and the long liquidation was around $550.80 K.
Volatility Looks Weak, Is It A Good Thing For WIF?
The WIF volatility (1W) to price chart exhibits that the volatility appears lower, and the price displayed a good bullish presence at support, illustrating stability in the WIF price.
WIF Volatility (1W) vs Price | Source: Santiment.com
Moreover, the Dogwifhat crypto seems comfortable at recent price support levels. This further displays that buyers are improving their ground, despite the strong sellers, and the bulls may assist the WIF crypto price to rise further.
Socials Have Optimisism Spread For WIF Price?
Over the popular social platform X, an analyst shared a fascinating bullish pattern in formation. He further illustrated a double bottom pattern that could potentially take the price towards $4.
The profile Bitcoinsensus further optimistically stated that this could be an opportunity for accumulation, however always do your own research.
$WIF is forming a double bottom pattern, which could be an opportunity for accumulation. pic.twitter.com/QAm1o27UTS
— Bitcoinsensus (@Bitcoinsensus) July 5, 2024
As analysts turn bullish WIF price action appears to be at crucial crossroads. With the market for WIF looking a tad bit overheated short-term pullback could be in store despite larger bullishness.
WIF Daily Price Action Decoded
On the daily graph, the past structure showed a tremendous 1100% surge from $0.399 on Feb 26th, 2024, to $4.819 by March 31st, 2024.
However, the peak showed instability in WIF price and formed support at the $2.311 level after dipping to $1.97, which appears to be the major high volume level, as per the volume profile tool, by April 13th, 2024.
WIF 1.D. | TradingView
Thereon, the price tried to advance, but instead, it formed an upward wedge, and after it peaked at $4.0 by May 29th, 2024, it fell majorly, giving a breakdown by resonating with BTC.
The dip in WIF formed support at $1.49, which looks crucial at the time of writing, as it has been approaching the volume profile level of $2.311. If the price succeeds in breaking the VP, then the resistance would be $3.0 and $4.0. failure to do so could lead back to $1.49, and knocking that could lead to a $1.00 mark.
Indicators-wise, the histogram in MACD looks to be growing above zero, while RSI has taken a jump from 14-SMA of RSI. Meanwhile, the price has been approaching the 50-day EMA from below in order to breach the dynamic resistance and fly. Overall indicators reflect the chart happenings, and it appears slightly bullish (at press time).
Summary
BTC experienced a -16% dip in the past 7 days before bouncing back with a 5% surge in the past 24 hours, while WIF saw a 23.43% increase after finding support.
Market liquidation trends favoring shorts. Analysts predict a bullish pattern forming with the potential for a price increase to $4.
Previous price movements saw a significant surge, followed by instability and support levels at $2.311 and $1.49. If it breaks $2.311, resistance levels will be $3.0 and $4.0. Indicators appear slightly bullish with potential for growth.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
