OI Surged Amid Whales Sell-Off: Can dogwifhat Price Rebound To $5?

• dogwifhat price has dived by 22% in the past 3 days.
• The WIF price has struggled between the 20-day EMA and 200-day EMA.

A whale invested $393K and bought 1.3M Dogwifhat coins 11 months ago. Now, he has booked more than $3 Million in profit.

This sell-off has resulted in a dip in the dogwifhat price. Furthermore, the price has slipped below the 20-day EMA and stayed between the 20-day EMA and 200-day EMA.

The chart structure has displayed slow and steady gain since August. However, the WIF crypto has attempted twice to hold the $4 mark but couldn’t.

Massive Pump in OI: What Could Be Its Impact on WIF Price?

Hyblock, a crypto analyst, claimed that the Open Interest in WIF crypto has increased. Traders identified possible trading zones using the weekly OI and dogwifhat price action in the 15-minute timeframe. As a result, the WIF token encountered resistance or support there.

dogwifhat price returned to $3.30, a “psychological breakeven” point that acted as support. This decrease in OI indicated that both long and short holders might have exited their positions. That led to a temporary stabilization of price.

However, as the week progressed, OI spiked again, peaking before another sharp fall below $3.0. This was identified as another breakeven point. However, this led to a price breakdown. It suggested that the support level needed to be increased to hold the market sentiment.

WIF Price Overview Based on Technical Chart

When writing, the dogwifhat price was trading at $2.94. It remained neutral over the past 24 hours. The market capitalization was $2.93 Billion, and the 24-hour trading volume was $540.18 Million.

WIF price has been wandering in the crucial zone of $1.80 and taking support on the 200-day EMA. A buying opportunity can be generated if the price defends the $1.80 mark.

Once the price surpasses the 20-day EMA, it could extend to the $4 level. Suppose the price exceeds this level and trading volume increases; buyers may be eyeing the $5 mark.

Sellers may continue the ride if the WIF token price slips below the 200-day EMA. The recent dip was due to whales’ profit booking, which could have negatively impacted the momentum. If the profit booking rate increases, strong selling pressure can be anticipated.

WIF Price Analysis Amid Whales’ Involvement

dogwifhat price has seen significant volatility recently. This volatility was primarily driven by whales booking substantial profits after a prolonged period of price gains.

The recent dip of 22% highlights the sensitive nature of the market and the impact of large sell-offs. At the same time, the price has found temporary support at the $3.30 level. The overall outlook remains cautious due to fluctuating open interest and trading volumes.

WIF crypto must stabilize above key resistance levels for a potential rebound to the $5 mark. These resistance levels are mainly at the $4 mark and the 20-day EMA.

A successful defense of the $1.80 support level could also present a buying opportunity for traders. However, further selling pressure could ensue if the price falls below the 200-day EMA. That would complicate the recovery potential.

Disclaimer

This article is for informational purposes only and provides no 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.