In the current bearish market, Solana-based Dogwifhat (WIF) seems headed for a price correction. On September 11, 2024, WIF dropped by over 8%, bringing it to a crucial level. Additionally, key on-chain metrics like WIF’s long/short ratio, OI-weighted funding rates, and open interest are all signaling further bearish momentum.
Is it time for investors to brace for impact, or is there still hope for a turnaround? Let’s explore.
WIF is currently trading near $1.53, down over 8% in the past 24 hours. Interestingly, trading volume has jumped by 10%, showing that despite the price decline, traders and investors are more active. This suggests that market participants are still engaging with WIF, possibly in anticipation of further moves.
Technical analysis suggests a bearish outlook. WIF is trading below the 200 Exponential Moving Average (EMA) on the four-hour chart, which indicates weakness. Additionally, the token is hovering around a critical support level at $1.516.
If it fails to stay above $1.50 and closes a four-hour candle below this level, WIF could drop another 12% to $1.30 in the near future.
WIF’s bearish outlook is further supported by the on-chain metrics. Coinglass’s WIF Long/Short ratio currently stands at 0.927, suggesting bearish market sentiment. According to the data, a long/short ratio below 1 indicates a bearish sentiment and vice-versa. Meanwhile, the WIF OI-weighted funding rate is -0.0097%, further indicating bearishness.
Future open interest in WIF has also dropped by 10%, which means traders are closing positions or getting liquidated after the recent price drop. This indicates hesitancy to open new positions, further reflecting the cautious market sentiment.
Despite this bearish outlook, whales and investors appear to be showing interest in WIF, as it has experienced a notable price decline in recent days. According to the on-chain analytic firm Lookonchain, two whales have accumulated a significant 20.58 million WIF tokens, worth $33.35 million from Binance and Bybit in the past two weeks.
Read Also: Dogwifhat Price Prediction 2024-2030: Will WIF Price Leap To $10?
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