The post WIF (dogwifhat) declines by 35% on weekly charts appeared on BitcoinEthereumNews.com.

WIF declines by 35% on weekly charts amidst declining open interest. Analysts predict a further decline to $1. The cryptocurrency market has experienced extreme volatility over the past months. Over the last seven days, the market has seen all cryptocurrencies experience a massive decline. For starters, Bitcoin has declined 9.84% to $60,780. BTC’s decline has pushed altcoins to massive sell-off, with Ethereum declining by 9.36% on weekly charts and Solana dropping by 21.09% to $141. This volatility has hit dogwifhat [WIF] the most, declining by 36% on weekly charts. Dogwifhat’s market sentiment Amid the WIF’s decline, the market sentiment is strongly bearish. The analysts have shown their pessimism about the possible reversal, predicting a further decline. For instance, Rehan Rao shared his prediction on X, noting that, “Dogwifhat (WIF) might drop to $1: Major assets are down, and a whale just sold 14.53M WIF tokens. WIF is currently $1.71 and could fall to $1.40 or $0.90.. Watch for key levels at $1.58 and $1.76.” According to this analyst, since all major crypto assets are declining, WIF will drop below $1, hitting $0.90. Such a decline would solidify the month-long decline of WIFs. Source: Market Prophit Such analysis shows the prevailing market sentiment, with AMBCrypto’s analysis of Market Prophit showing that the market sentiment is bearish. According to the market prophit, the Crowd Z Score is below zero at -1.05, and the market prophit sentiment is below zero at -0.0118. WIF Decline amidst low open interest and higher liquidation Source: Coinglass Dofwifhat sustained decline arises from increased liquidation for long positions and declining open interest. AMBCrypto’s analysis of Coinglass shows WIF open interest has declined over the past 7 days. According to Coinglass, WIF’s open interest has declined from $385.98M to $239.2M over the past week. This decline shows investors are…

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Filed under: News - @ August 5, 2024 6:12 am