WIF Plummets 36% Amidst Bearish Market Sentiment; Analysts Predict Further Decline Below $1
The post WIF Plummets 36% Amidst Bearish Market Sentiment; Analysts Predict Further Decline Below $1 appeared on BitcoinEthereumNews.com.
The cryptocurrency market has exhibited extreme volatility recently, with a notable weekly decline. Bitcoin’s drop has had a ripple effect across the market, significantly impacting major altcoins. Notably, Dogwifhat (WIF) has seen a major decline, prompting bearish predictions from analysts. Cryptocurrency News: WIF Faces Major Setback Amidst Dropping Open Interest Dogwifhat (WIF) Sees 35% Decline on Weekly Charts Over the past week, Dogwifhat (WIF) has faced a significant decline of 35%, contributing to a broader market downturn affecting all major cryptocurrencies. Bitcoin’s 9.84% drop to $60,780 has catalyzed widespread sell-offs, with Ethereum experiencing a 9.36% decline and Solana dropping by 21.09% to $141. This market turbulence has positioned WIF as one of the most adversely affected cryptocurrencies during this period. Bearish Sentiment Among Analysts Amid this decline, market sentiment surrounding WIF remains predominantly bearish. Analysts like Rehan Rao have expressed pessimistic projections, predicting further price drops. For example, Rao noted on X that “Dogwifhat (WIF) might drop to $1” due to significant market downturns and substantial whale activity, referencing a recent selling spree of 14.53 million WIF tokens. Analysts suggest monitoring key levels at $1.58 and $1.76, with a potential further decline to as low as $0.90. Impact of Low Open Interest and High Liquidations One driver of WIF’s decline is the decreasing open interest and rising long position liquidations. Coinglass data reveals that WIF’s open interest dropped from $385.98 million to $239.2 million within a week, indicating that investors are closing their positions rapidly without entering new ones. Additionally, LookonChain reported significant whale activity, with accounts selling off 14.53 million WIF tokens collectively worth $24 million. Concurrently, liquidation for long positions surged from $176,000 to $2.85 million over the same period, forcing investors to sell at a loss due to a lack of conviction to hold their positions. Current…
Filed under: News - @ August 4, 2024 8:16 pm