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Dogwifhat Price, a Solana-based meme coin, has recently experienced a notable price decrease. This decline aligns with a broader market downturn and bearish outlook that can be seen across other cryptos like BTC, ETH, Solana and other top altcoins&nbsp; 
<h2 id="dogwifhat-price-dips-as-open-interest-slides">Dogwifhat Price Dips as Open Interest Slides</h2> 
The recent Dogwifhat price correction coincides with the bearish trend in the WIF derivatives market. The Dogwifhat Open Interest dropped by 10% to $266 million over the past day. Despite the volume metric witnessing an impressive surge of 40% to $1.51 billion in the same period, indicating a downtrend is unlikely to continue. 
<figure id="attachment_210744" aria-describedby="caption-attachment-210744" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-210744" src="https://coingape.com/wp-content/uploads/2024/08/Open-interest.png" alt="WIF Price Plummets As Open Interest Declines: Is It Time To Buy?" width="1338" height="423" srcset="https://coingape.com/wp-content/uploads/2024/08/Open-interest.png 1338w, https://coingape.com/wp-content/uploads/2024/08/Open-interest-300x95.png 300w, https://coingape.com/wp-content/uploads/2024/08/Open-interest-1224x387.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Open-interest-768x243.png 768w, https://coingape.com/wp-content/uploads/2024/08/Open-interest-150x47.png 150w" sizes="(max-width: 1338px) 100vw, 1338px">
 <figcaption id="caption-attachment-210744" class="wp-caption-text">
 Source: <a rel="nofollow" href="https://www.coinglass.com/currencies/WIF">Coinglass</a>
 </figcaption>
</figure> 
Additionally, total liquidation in long positions amounts to $571,000, further highlighting the cautious sentiment prevailing in the market. 
<figure id="attachment_210748" aria-describedby="caption-attachment-210748" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-210748" src="https://coingape.com/wp-content/uploads/2024/08/Liquadation.png" alt="WIF Price Plummets As Open Interest Declines: Is It Time To Buy?" width="1375" height="436" srcset="https://coingape.com/wp-content/uploads/2024/08/Liquadation.png 1375w, https://coingape.com/wp-content/uploads/2024/08/Liquadation-300x95.png 300w, https://coingape.com/wp-content/uploads/2024/08/Liquadation-1224x388.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Liquadation-768x244.png 768w, https://coingape.com/wp-content/uploads/2024/08/Liquadation-150x48.png 150w" sizes="(max-width: 1375px) 100vw, 1375px">
 <figcaption id="caption-attachment-210748" class="wp-caption-text">
 WIF: liquidation
 </figcaption>
</figure> 
This disparity between increasing volume and declining open interest suggests a lack of confidence among traders, potentially indicating a looming market correction. 
<h2 id="strong-navigating-through-market-volatility-strong">Navigating Through Market Volatility</h2> 
Over the past 24 hours, the <a rel="nofollow" href="https://coinmarketcap.com/currencies/dogwifhat/">WIF price</a> has experienced significant fluctuations. WIF recorded a low of $1.83 and a high of $2.04 during this period. As of the time of writing, the Dogwifaht&nbsp;hovered at $1.88, making a dip of 6 % during the European trading session. 
Over the past month, the WIF price has declined by 16%, reflecting a significant downturn in its market performance. Additionally, over the past week, the <a href="https://coingape.com/glossary/cryptocurrency/">cryptocurrency</a> has seen a further decline of 27%, indicating a persistent downward trend and raising concerns among investors about its short-term stability. 
The technical indicators on the 4-hour chart suggest a potential reversal for WIF/TetherUS. During press time, the <a href="https://coingape.com/glossary/rsi-relative-strength-index">Relative Strength Index</a> (RSI) stands at 29 which is in oversold territory.&nbsp; The Moving Average Convergence Divergence (MACD) indicates a weakening bearish trend.&nbsp; The MACD line stands at -0.142, slightly above the signal line at -0.122.&nbsp; 
<figure id="attachment_210750" aria-describedby="caption-attachment-210750" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-210750" src="https://coingape.com/wp-content/uploads/2024/08/WIFUSDT_2024-08-02_13-14-33.png" alt="WIF Price Plummets As Open Interest Declines: Is It Time To Buy?" width="1154" height="588" srcset="https://coingape.com/wp-content/uploads/2024/08/WIFUSDT_2024-08-02_13-14-33.png 1154w, https://coingape.com/wp-content/uploads/2024/08/WIFUSDT_2024-08-02_13-14-33-300x153.png 300w, https://coingape.com/wp-content/uploads/2024/08/WIFUSDT_2024-08-02_13-14-33-768x391.png 768w, https://coingape.com/wp-content/uploads/2024/08/WIFUSDT_2024-08-02_13-14-33-150x76.png 150w" sizes="(max-width: 1154px) 100vw, 1154px">
 <figcaption id="caption-attachment-210750" class="wp-caption-text">
 WIF Price Chart| Source: <a rel="nofollow" href="https://www.tradingview.com/x/45qCuVhC/">TradingView</a>
 </figcaption>
</figure> 
If bearish mounts more pressure on the asset, it could break below the support level of $1.80, triggering a potential decline towards the following significant levels at $1.70 and $1.50, indicating intense selling pressure.&nbsp; 
<h2 id="strong-can-dogwifhat-rebound-from-recent-lows-strong">Can Dogwifhat Rebound from Recent Lows?</h2> 
Most of the meme coins have seen a decrease over the past 24 hours. Dogecoin (DOGE) has declined by 3.3%, while Shiba Inu (SHIB) registered a drop of 3.2%.&nbsp; 
<a href="https://coingape.com/markets/pepe-price-plunges-as-whale-activity-surges-whats-next-for-pepe">Pepe Coin </a>(PEPE) decreased by 4.7%, and similarly, Bonk (BONK) and Floki (FLOKI) are down by 1.2% and 4.2%, respectively. This trend suggests a pulling back of investor interest in meme coins after recent market fluctuations. 
On the upside, if bulls return, the Dogwifhat price could break the resistance level of $2.00, potentially climbing to $2.50 and even $3.00 in the next bullish run. This upward momentum might attract more buyers, leading to a potential rally as investor sentiment shifts towards optimism 
The post <a href="https://coingape.com/markets/wif-price-plummets-as-open-interest-declines-is-it-time-to-buy/">Dogwifhat Price Plummets As Open Interest Declines: Is It Time To Buy?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Dogwifhat Price Plummets As Open Interest Declines: Is It Time To Buy?

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