The post Dogwifhat(WIF) Recovers After Hit By $40M Withdrawals And Increased Short Positions appeared first on Coinpedia Fintech News
Dogwifhat(WIF) Recovers After Hit By $40M Withdrawals And Increased Short Positions.
The crypto market today had a slight correction and reversal, that made Bitcoin fall from $61000 zone to trade under $59000 and is now approaching back to $60,000.
WIF Coin Stands Strong
While the whole market is making efforts to grow up, Solana-based memecoins are taking advantage of this thrust. The Top Solana memecoin DogWifHat, WIF coin today survived a significant bearish impact and validates a bullish trend ahead.
Reportedly, the on-chain analysis on Coinglass shows a decline of nearly $43 million in Open Interest value in 24 hours. Resulting in dropping the memecoin to nearly 10% before recovering to +0.22% in the latest sessions.
This is anticipated to be a result of panic selling as the market downtrend persisted after the coins had made a weekly growth of 55.99%.
Additionally the Relative Strength Index (RSI) which indicates market momentum, has now turned the face back into the neutral position from the oversold zone. But Still, at 46, it needs to cross 50 to preserve the uptick moment.
MACD in line with the signal line and with histogram closing, shows a trend reversal may be seen shortly.
WIF Coin Price Prediction
WIF coin after facing, massive wipeouts, and increased liquidation faced rejection at $1.82 and lost its flow. But in later sessions today the altcoin has bounced back high above its strong support of $1.52.
The new support can be spotted at $.76, which is critical but good to face the slight corrections. Reclaiming the $1.82 zone will show a solid trend, and fellows to return to $2.
If this happens a strong support zone will plotted to push the price above $2.3, $2.5, and towards $3 in the mid-term.
Conversely, if the meme-coin loses the battle here it will be drawn down towards the support of $1.56, face outflows, and struggle back for recovery.