Let’s look at why Dogwifhat (WIF) has been unable to close above $3.5 over the past month, disappointing investors. The performance of the popular memecoin Dogwifhat has recently disappointed WIF holders who were waiting for the rally to continue. On the other hand, 5th Scape is the platform where you can enjoy immersive virtual reality games with cutting-edge technology. 5th Scape allows users to enjoy a wide range of thrilling 3D VR games, along with powerful VR headsets, and ergonomically designed gaming chairs to make you feel comfortable.
Dogwifhat is losing support
Over the past few days, WIF has been suffering from a lack of interest from investors. The open interest (OI) indicator shows that not many people are looking to pour money into the asset right now.
This on-chain metric reflects the total number of currently outstanding contracts for various derivatives such as options and futures . Its growth indicates an increase in the number of market participants entering new positions.
Over the past month, OI for WIF increased by only $70 million, from $236 million to $310 million. This indicates low betting activity in the futures market, including those who can enter into long contracts. In addition, the coin has a negative correlation with Bitcoin. This means that the price of WIF will most likely move in the opposite direction compared to the price of BTC.
Over the weekend, the price of Bitcoin and the rest of the market rose, while the price of Dogwifhat fell. This has cemented the negative correlation, and until it changes, the meme token will likely perform the opposite way compared to BTC.
Dogwifhat (WIF) price forecast: recovery or further decline?
The WIF price fell out of an ascending channel that was considered a bullish pattern . A breakout of its upper border could push the coin to $3.6 and higher. However, the altcoin has already faced strong resistance at $3.5, making this level an important barrier.
A fall over the weekend sent the price below $2.50 before it recovered slightly to trade around $2.85 at the time of writing. If the asset fails to break through the $2.75 resistance, it will fall back to $2.36.
On the other hand, such a breakout will help the meme coin recover from its recent losses. As a result, WIF will be able to turn the $3.00 mark into support, which will invalidate the bearish scenario.
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