dogwifhat Crypto Holder Acquires Crypto Again After Booking Losses

• The fear and greed index of the crypto is at 30, which shows fear among investors. 
• Higher short liquidation was recorded in dogwifhat crypto in the last 24 hours.

An X post by @lookonchain shows that an investor who lost $4.63M in WIF crypto again spent $3.77M USDT and bought 2.06M WIF after the price of the crypto advanced. 

The whale further sold the crypto at a lower price and bought it again at a higher price. This shows that the whale is optimistic about the crypto and is expecting the price to advance to a higher level in the future. 

This whale, who lost $4.63M on $WIF, spent 3.77M $USDT to buy 2.06M $WIF back after the $WIF price rose.

His average buying price is $1.83, selling at a low price and then buying at a higher price.https://t.co/7xutjIzMGs pic.twitter.com/d5glbGKsyq

— Lookonchain (@lookonchain) June 25, 2024

There has been a surge of 118% in the trading volume of the dogwifhat crypto recorded in the last 24 hours, which shows an advance in the trading activity of the crypto. Additionally, the value of the crypto traded volume in the last 24 hours is $766.41M.

The crypto market cap has also witnessed a surge of 20% in just the last 24 hours from the press time, resulting in huge liquidity of 41.8%. 

WIF Crypto has a similar circulating supply and a total supply of 998.905M. The crypto price volatility is also high, resulting in 22.36%, which shows higher chances of uncertain spikes in the price.

Dogwifhat Crypto Derivatives Data Witnesses Sellers Dominance

The open interest for the dogwifhat crypto has witnessed a slight decline of 1.8% over the last 24 hours, which has resulted in a value of $231.73M.

The volume of trading for crypto derivatives has further advanced by 104% in the last 24 hours at press time. Also, the long/short ratio of the crypto is 0.9775, which shows buyers’ dominance.

Also, the short liquidation recorded for the crypto is higher, resulting in $1.27M, and the crypto long liquidation is worth $927.12K. 

WIF Crypto Technical Analysis

A strong bearish structure can be seen on the WIF crypto chart, followed by the formation of lower highs on the crypto daily chart.

The WIF crypto price formed a symmetric triangle pattern, followed by the profit booking from the higher levels. The price further continued to witness profit booking and declined below the pattern.

Additionally, the WIF crypto price has much more space available on the lower side, which shows that the price might continue to decline to lower levels in the future.

WIF/USD Chart by TradingView

dogwifhat crypto price is trading in a bearish cross of the 20-day and the 50-day EMA on the daily chart. The price has further sustained below the EMAs, showing bears’ dominance in price.

MACD indicator also gives a negative sell signal and metrics trade in the negative territory.

The RSI further hit the oversold zone and overlapped the 14-day SMA on the charts. This shows bearish momentum in the trading price of the crypto.

Summary

The WIF crypto shows a bearish outlook with a decline below a symmetric triangle pattern and sustained trading below the 20-day and 50-day EMAs. 

Despite a whale’s renewed investment, bearish indicators dominate, including a negative MACD signal and RSI in the oversold zone, suggesting further potential declines.

The support levels for the dogwifhat crypto are $0.280 and $1.020, followed by the resistance levels of $3.620 and $4.60.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.