$1.50 ‘could be retested’, Dogwift open interest down 28%
Solana-based memecoin Dogwifhat's open interest (OI) has fallen amid a broader decline since July 27, with traders expecting a critical support level to be tested soon.
In the year On August 3, Dogwifhat (WIF) OI – measured by the total value of all outstanding or unsettled Dogwifhat futures contracts – fell to $252.5 million, down roughly 28% from seven days earlier on July 27, according to CoinGlass data. .
According to CoinMarketCap data, WIF was trading at $1.67 at the time of publication on August 3, down 35.48% since July 27. Many crypto traders expect Dogwhip to retest the $1.50 level, which was recently identified as a critical support level.
“WIF, on the daily time frame, is in a corrective phase and is likely to move down to trend-low support between $1.50 and $1.70,” Cryptorphic wrote in an August 2 X post.
“The price is adjusting to the daily support zone,” said crypto analyst Scient.
“YF price reached my previous target and is now falling again and may retest the $1.5 support,” added crypto trader Cryptojack in a post to his 337,000X followers.
Future traders do not expect a quick recovery
Futures traders are skeptical of a quick recovery, risking $11.89 million in short positions if the price recovers to $1.80. Meanwhile, a further 10% decline to $1.50 would wipe out $7.55 million in long positions.
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The price is now far from the $10 forecast by BitMEX's former CEO and current Chief Investment Officer Arthur Hayes in March.
“When I count $10, the hat stops,” Hayes wrote in a March 14 X-Post shortly before WIF hit $3 for the first time.
Cointelegraph reported in June that Dogecoin had dropped out of the top 50 cryptocurrencies by market capitalization. Since then, it has come back, and currently sits at number 47 on Sui (SUI).
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This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
