Even Dogwifhat Coin (WIF), based in Solana, recorded a sharp increase of 34% during the intraday negotiation session on Wednesday. The rally followed speculation that the project could receive a promotion on the sphere of Vegas.
However, this price increase has proven to be short -lived. WIF’s value has started to withdraw, erasing a large part of the earnings made earlier.
DogwifhatThe rally is interrupted by the sellers
In an X job On Wednesday, the developer team behind Dogwifhat teased a possible promotion of the piece, based in Solana on the sphere of Vegas.
Wif, whose price performance had been dull, immediately climbed by more than 30% While demand has flowed through its punctual markets. However, this price increase has proven to be temporary, as the same piece reversed the trend. By currently negotiating at $ 1.19, WIF dropped by 13% compared to the intrajurnal summit of yesterday by $ 1.37.
An assessment of WIF’s open interest confirms the decreasing request. According to CorciLass, this is currently at $ 372 million, down 19% in the last 24 hours.
Open interests refer to the total number of suspected contracts, such as future or options, which have not been settled. When open interest drops during the price drop in assets, investors close their positions and leave the market. This trend indicates a reduction in market participation or confidence by dedicating in the WIF’s future price movement.
In addition, the same part is still negotiated under the red line of its super trend indicator, which suggests that the lowering bias remains significant.
This indicator helps traders to identify the market trend by placing a line above or below the price table depending on the assets volatility. As with wif, When the price of an asset is negotiated below the super trend line, it indicates a downward trend, indicating that the market is in a downward trend and that the sales pressure is dominant.
WIF price prediction: the risks of token falling below $ 1
If sales continue to dominate the market, WIF price could extend his drop and fall below $ 1 to negotiate $ 0.97. This would mean an 18% drop in its current value.
However, if the buying activity resumes and the bulls regain domination, they may be pushing The price of the memes play Above the dynamic support resistance of its super trend indicator at $ 1.62. A successful break above this level could propel Wif to negotiate at $ 1.83.
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