According to current market trends, the Dogwifhat (WIF) token has recently gotten a lot of attention from investors. Now that the unit is worth more than $2.50, it’s likely to go up even more. At the time of this writing, WIF is worth $2.62 during the European trade session. This is a 5% rise from the previous day.
Dogwifhat has a market cap of $2.6 billion, which puts it 36th in the list of cryptocurrencies. Even though prices are going up, trading volume has dropped by 32% to $373 million, which means that fewer trades are being made.
Dogwifhat has gone up by 65% in the last week, which shows that investors are very interested and the market is moving quickly. The price of the coin has gone up steadily over the past 24 hours, going from a low of $2.47 to a high of $2.66.
Dogwifhat Open Interest Rises
The cryptocurrency’s all-time high was $4.85 four months ago, which is 45% more than its current value. However, it has come back from its all-time low of $0.0677 six months ago, showing an amazing 3801% increase.
This upward trend in the market has been very good for WIF and has made investors more excited. Investors’ trust has grown, which has caused a big rise in open interest in WIF. After a remarkable 70% rise, the value of open interest rose from $218 million to $371 million, showing that investors are very active.
The meme coin could start a strong upward trend if it breaks through the $3 level of support and goes up to $4. A rise like this could make it easier to push through the important $10 barriers in the future.
On the other hand, if the market goes down, Dogwifhat’s price could fall to the $2.50 support level. Long-term bad market trends could bring its value down even more, to around $2. This would show that the market is moving toward a bearish trend.
Technical signs for WIF point to a positive future for investors. Moving Average Convergence Divergence (MACD) shows a positive divergence when the MACD line goes above the signal line. This means there is a good chance to buy.
The Relative Strength Index (RSI) is at 71.96 right now, which shows that prices are still going up even though the market is overvalued. The Chaikin Money Flow (CMF) indicator is also positive at 0.05, which means there is a lot of buying pressure.
The Awesome Oscillator (AO) at 0.3755 also supports the current upward trend by showing that short-term momentum is better than long-term momentum.
