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Dogwifhat (WIF) price has been on the advance lately, catching the attention of many in the crypto landscape.
Notably, a meme coin like WIF is highly susceptible to market fluctuations, heavily influenced by social media sentiment and real-world events. Since no such activity has been witnessed this month so far, the WIF price solely depicts the trading activity and its price structure.
As witnessed in the past 24 hours of green trading activity in dogwifhat (WIF), the market cap has also grown by 18%. This increased its rank and positioning to 49th in the global crypto market, with a market cap of $1.592 Billion.
Similarly, its 24-hour volume displayed a 60% rise to a massive $395.500 Million. The volatility is low as the ratio between volume and market cap of 24 hours was 24.96%, signifying the possibility of hassle-free trading for investors closest to exchange values (DYOR).
Derivatives Data Outlook In WIF Crypto?
Per the Coinglass website, the derivatives volume registered a surge of 51% to $1.26 Billion, and it showed a surge in OI, where 22.06% of new contracts were opened, totaling $232.99 Million.
Likewise, the liquidation data shows the dominance of shorts over longs, which depicted bullishness in price. Likewise, in the intraday, the shorts have emerged victorious over longs. As of writing, shorts worth $1.07 Million were liquidated.
At the same time, longs in WIF that were liquidated amounted to $162.70K. It signified that bullish interest was advancing and increasing the likelihood of a broader price movement in the coming sessions.
Price Action Overview In dogwifhat (WIF)?
Analyzing the price action of dogwifhat (WIF) on the day timeframe chart. The price structure displayed a remarkable 1102% increase in WIF price from $0.389 on February 26th, 2024, to $4.820 by March 31st, 2024.
However, the peak formed instability in dogwifhat price and led to the development of support at $2.3119 after dipping to $1.96 by April 13th, 2024. This support level appears to be the critical volume profile level characterized by the significant high volume present at that level.
Following the continued price activity, it peaked at $4.08 on May 29th, 2024; the price deteriorated sharply, shooting a breakdown by resonating with BTC price sentiments.
WIF formed support at the $1.497 support zone, which is crucial at the time of writing, as it has consecutively tested this level twice and grabbed liquidity on the third attempt.
Now, to break past the volume profile tool-based $2.3119 level, bulls need to show high interest, and then optimism could increase in the asset price.
If the price breaks the VP, the resistance would be $3.0261 and $4.0883. Failure to do so could lead back to $1.4973, and knocking that could lead to a $1.0101 mark.
Indicators Angle In WIF
Indicators-wise, the histogram in MACD looks flat and momentumless, below the zero line at 0.06645. Meanwhile, RSI has taken a jump from 14-SMA of RSI, as of writing, flashed at 44.83, recovering from oversold territory.
Furthermore, the price of WIF is approaching the 50-day EMA on a micro-level from below. However, to experience a significant price surge, WIF needs to gain higher momentum to break past the volume profile and the dynamic resistance of the 50-day EMA band.