Dogwifhat Under Bearish Influence: Recovery on the Horizon

Dogwifhat Under Bearish Influence: Recovery on the Horizon or More Pain?
The Open interest contracts have dropped by nearly 20% in the last three sessions indicating an Outflow.
At the time of writing, WIF price was exchanging hands close to $1.61 recording a bullish development of 3.20% in intraday.

Bitcoin's fall below the 60K level has weakened the investors sentiment as the investors seemed to be pulling out their investments from the altcoins. The recent development in the Bitcoin's price above the 60K had added a relief to the investors.

However, the investors again seemed to be in panic as the BTC price failed to sustain above the 60K level and loomed below. Another altcoin Dogwifhat crashed nearly 20% in the last three sessions indicating the waning interest of the investors.

The recent crash in the price has decreased the probability of a recovery by Dogwifhat. The bulls seemed to have lost the recent gains however the price still hovers higher than the previous swing low indicating the buyers presence.

Let's analyze and try to find out whether Dogwifhat can be a good pick for Next month.
Open Interest Data Highlights A 20% Outflow
Moreover, the recent session saw a comeback by the bears after the price suffered from a 200 day EMA. In tandem with the price drop, the analysts have noted a significant drop in the derivatives segment.

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The Open interest contracts have dropped from $213 Million to $171 Million indicating a loss of nearly 20% in the last couple of sessions. A sharp drop in the OI data indicates a long unwinding by the derivatives investors.

Moreover, the volume to market cap ratio has surged to 29.6% indicating high volatility in the crypto. with a live market capitalization of $1.6 Billion, WIF ranks 49th in the crypto space.
Can Dogwifhat Recover Again Or Fail?
From a technical point of view, Dogwifhat crypto has been in a correction phase since May. The price has suffered multiple rejection from an upper trendline resistance and slumped down.

The WIF was trading below the key Exponential moving average of 20, 50 and 200 day indicating bearish trend in the long term as well as short term. At the time of writing, Dogwifhat was exchanging hands close to $1.61 indicating a positive intraday development of 3.2%.

On the higher side, if the price breaks above the $1.85 it may validate the short term bullishness and the crypto may surge higher towards the next $2 psychological level. On the contrary, if the selling pressure resumes and pushes the price below the recent swing low of $1.4 level, it may indicate a bearish continuation and the price may drop towards the $1 psychological level.


Bitcoin's drop below 60K has led to investor panic, causing a pullout from altcoins. Dogwifhat experienced a downfall of nearly 20% in three sessions. Moreover, the price drop was accompanied by a significant decline in open interest contracts, indicating long unwinding by derivatives investors. Dogwifhat's volume-to-market cap ratio surged to 29.6%, showing high volatility.

From a technical perspective, Dogwifhat has been in a correction phase since May, trading below key moving averages. Currently at $1.61, WIF price was trading at a 3.2% intraday gain. Now, a break above $1.85 could signal short-term bullishness, while a drop below $1.4 may lead to further declines towards $1.