Struggling Dogwifhat (WIF) Price and Market Impact
The current price struggle of Dogwifhat (WIF) to close above $3.5 has deterred many investors. As a result, the market and WIF holders are beginning to withdraw their support.
Dogwifhat Loses Backing
Investor behavior has always influenced WIF’s price, but recently, the lack of interest from investors has become apparent. A decrease in Open Interest suggests that fewer individuals are investing in the asset.
- Open interest reflects outstanding derivative contracts that have not been settled, indicating market activity and liquidity.
- WIF’s Open Interest has only slightly increased over the past month, revealing minimal activity in the Futures market.
Additionally, WIF has shown a negative correlation to Bitcoin, meaning its price tends to move in the opposite direction of BTC’s price.
WIF Price Prediction: Recovery or Decline Next?
The price of WIF fell out of the bullish ascending channel, facing resistance at $3.5. Recent trading has seen WIF fall below $2.50, recovering slightly to $2.69 at the time of writing.
- A failure to surpass the $2.75 resistance level may push WIF back towards $2.36.
However, a successful breach of resistance could signal a recovery for WIF and potentially flip $3.00 into a support level, altering the bearish outlook.
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