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Dogwifhat’s Price Sinks 64%–Can Bulls Reverse the Trend?
The cryptocurrency market is known for its volatility, and Dogwifhat (WIF) has certainly been experiencing this. Over the past month, WIF’s price has plummeted a staggering 64%, causing significant losses for investors who held onto their positions.
As of today, WIF is trading at $0.6153, down significantly from its recent high of $1.90. The decline in value has seen the open interest fall sharply across exchanges, dropping from $89 million to $67 million in just a week. This drastic drop suggests that traders are closing their positions and new investors are not entering the market, further weakening WIF’s chances of a quick rebound.
The bearish momentum is evident when looking at various technical indicators. The Stochastic RSI has confirmed a bearish crossover, indicating a strengthening downward momentum. In addition to this, both Directional Movement Index (DMI) and Average Directional Index (ADX) are showing a strong bearish trend, with the positive index lagging behind.
Source: cryptonewsland.com
