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Dogwifat Coin (WIF) Issues Buy Signal as It Rises Toward Resistance

Dogwifhat (WIF) coin has doubled its price over the past seven days. As of this writing, the meme coin is trading at $3.45, having risen 22% in the past week.

An assessment of the currency's price movements on the 3-day chart revealed that it has been moving in a horizontal channel pattern since April 12, where it encountered resistance at $3.64 and found support at 2, $32.

Dogwifat Coin Traders Maintain Bullish Outlook

Open interest in WI futures increasedF significantly last week. At $434 million at press time, open interest for Mimecoin futures is up 38% over the past seven days.

WIF Open Interest
Dogwifat interest open. Source: Quinglass

Global Investment Fund Futures Open Interest measures the total number of outstanding futures contracts that have not yet been closed or settled. When it increases, it indicates an increase in the number of traders entering the futures market for that asset and taking positions.

A review of the Dogwifhat coin funding rate showed that these traders were taking long positions. As of this writing, it is 0.007%.

Funding rates are used in perpetual futures contracts to ensure that the contract price remains close to the spot price. When its value is positive, it indicates strong demand for long positions.

Learn more: How to Buy Dogwifat (WIF) and Everything You Need to Know

WIF financing rate
Dujuifat financing rate. Source: Quinglass

Rising open interest for Dogwifhat coin futures and a positive funding rate indicate that there is growing participation in the meme coin futures market, with a dominant uptrend. Its traders are optimistic about the future price of the asset, which leads to taking more long positions.

WIF Price Prediction: Is There a Problem?

Despite Bullish outlook However, in the WIF futures market, spot market participants do not share the same sentiments.

Although the token's price has increased over the past week, Chaikin Money Flow (CMF) has been trending lower, leading to a bearish divergence. The index measures the flow of funds into and out of the WIF market.

A bearish divergence occurs when the price of an asset increases while the value of its CMF decreases. This means that even if prices increase, the volume of purchases in the market is not large enough to support growth. This is a sign of a price reversal or correction in the near future.

Dugwave Analysis
Dugwave analysis. Source: Commercial view

If the selling pressure exceeds the purchasing momentum, it can be slowed down WIF tries to cross the upper line For the horizontal channel, which drops its price to $3.19.

Read more: dogwifat (WIF) price predictions for 2024, 2025, 2026, 2027

Dugwave analysis.
Dugwave analysis. Source: Commercial view

However, if the current rally is supported by increased demand for Dogwifhat, the meme's price could reach $3.68.

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