During the low-volatility Saturday session, the Dogwifhat price dropped by 2.8%, bringing it down to $2.27. The bearish momentum was triggered by the price’s ongoing struggle to break through the key resistance trendline of the falling wedge pattern, which has persisted since March 2024. As the market enters ‘Uptober,’ buyers could drive a final push to conclude this six-month correction.
Dogwifhat Price Inches 8% Closer to Breaking Six-Month Bearish Streak
The cryptocurrency market started October on a bearish trajectory, impacted by the escalating conflict between Iran and Israel. This downturn saw Bitcoin dropping below $65,000, while major altcoins, including Dogwifhat, faced significant reversals. Dogwifhat’s price tumbled from $2.64 to $1.96, marking a 25% loss before recovering slightly, reclaiming the $2 level.
Dogwifhat’s price is now encountering a significant overhead supply at the psychological $2.5 mark. This resistance is compounded by a falling wedge pattern established in March 2024. This chart setup, a typically corrective pattern, is defined by two converging trendlines that signal a steady downward correction. However, the price usually precedes a major breakout, suggesting a potential trend reversal.
Currently trading at $2.2, the WIF price is just 8% away from challenging the pattern overhead trendline. A successful breach from the resistance trendline will accelerate the recovery momentum and drive an 88% rally to hit $4.08, followed by $4.86.
A potential bullish crossover between the 50-and-100-day exponential moving average could support the bullish narrative.
WIF/USDT -1d Chart
Check out the article on top meme coins to buy for a detailed analysis.
WIF Open Interest Soars 88% Amid Bullish Market Activity
Since mid-September, the WIF open interest has surged significantly from $195.7 million to $368.2 million, marking an impressive 88% growth. This sharp rise in open interest suggests increasing participation in the WIF futures market, which could indicate a substantial buildup of positions by traders expecting significant price movements.
WIF Futures Open Interest | Coinglass
Additionally, dogwifhat’s Weighted funding rate spiked to 0.0062% on Saturday, according to Coinglass data. This positive value accentuates the buyers’ readiness to pay a premium price to hold a long position, indicating their confidence for further rallying.
WIF Weighted Funding Rate | Coinglass
On the country note, if Dogwifhat price reverts from the resistance trendline, the asset could prolong its current correction.
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