Additionally for its price increases, but rather for its remarkable increase in trading volume, Dogwifhat (WIF) has lately been in news. Though the price of cryptocurrencies shows little indication of change, other data point to traders’ optimistic attitude.
Data from CoinGlass shows that Dogwifhat’s trade volume has skyrocketed by a remarkable 20% over the past day, pushing the total to a startling $879.75 million. This surge shows a notable rise in trading activity even if price is still under battle.
Dogwifhat Volume Analysis
Examining this more closely reveals that significant amounts of this trade volume originate from big cryptocurrency exchanges. Bybit adds $166.40 million while Binance alone tallies $500.89 million. The increasing interest in WIF within the crypto community is highlighted by this broad trading activity on several platforms.
Fascinatingly, WIF’s price stays in a bearish phase while this volume increase takes place. Dogwifhat’s price plummeted by 13.16% to $1.84 as of this publishing, and over the past month it dropped by 34.40%. The general attitude on cryptocurrencies seems negative, with bears firmly under charge.
Traders appear optimistic about Dogwifhat even with the price drop. Many are probably seeking to profit from the reduced costs since they predict a possible price surge. WIF has historically seen notable demonstrations, which could be motivating traders to purchase the drop in anticipation of yet another surge.
Furthermore fueling optimism is Dogwifhat’s Relative Strength Index (RSI). TradingView claims that WIF’s present RSI, at 30.39, points to an oversold market state for the currency. For WIF holders, an RSI below 40 usually points to a short-term price rise possibility, thereby offering a bit of optimism.
Although the volatility of meme currencies implies that price swings are expected, recent indicators point to Dogwifhat perhaps recovering from her present levels. The higher trading volume and the oversold RSI suggest to a possible comeback, therefore improving the situation for WIF from first view.
