Dogwif Is Facing a Short-Term Correction. How Long Will It Take for WIF to Recover
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- Global traders are optimistic about Dogwifhat despite the recent price fluctuations.
- The positive aggregate funding rates suggest that WIF buyers are willing to pay a premium to secure their positions.
Dogwifhat [WIF] has gained traction in its inaugural cycle and is positioned at the forefront of “memecoin’s supercycle,” which is anticipated to persist until 2025.
While WIF has experienced an ascent lately, signs point toward the possibility of a short-term correction. The relationship between the value of WIF and the long percentage of Global Accounts exhibits notable divergence, with a correlation coefficient of -0.92. This could imply that WIF is momentarily overvalued. Such discrepancies between trader expectations and actual price behavior indicate an overly optimistic market. Traders may have been heavily long on WIF, anticipating further increases, while reality saw prices decline.
Source: Hyblock Capital
This divergence typically hints at a necessary correction or prolonged bearishness before WIF can continue its uptrend.
WIF price action during potential corrections
For traders seeking optimal entry points, monitoring price movements closely is crucial.
As per current analysis, WIF was trading at $2.50; however, the emergence of a head and shoulders pattern on the 15-minute chart suggested further declines prior to any recovery efforts. This formation indicates that WIF may approach around $2 soon.
The Stochastic RSI lingered below neutral levels during this observation period, providing additional evidence for an expected brief correction before any possible upswing materializes.
Source: TradingView.
Beneath these fluctuations, buyers displayed resilience by entering positions on every dip—indicating growing confidence in WIF’s prospects and suggesting recovery remains feasible.
Sellers appear less dominant
AskFX verified that sellers lacked sufficient pressure .
Open interest appears favorable towards dogwifhat as it shows no significant passive spot bidding . Projected positive aggregate funding rates indicate that buyers consistently pay sellers—a trend supporting bullish sentiment .
This convergence gains strength through rising CVD observed in spot transactions—hinting at potential rallies ahead for dogwifhat.
Source: Coinalyze (
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) Furthermore , declining CVD metrics from futures present notable divergences—further pointing toward possible upward movement soon . Stay updated with predicted movements for dogwifhat [WIF] in 2024–2025.Divergences often present lucrative chances for traders inclined towards long positions—which aligns with forecasts indicating another rally post-correction phase .
If Bitcoin [BTC] remains stable around $67 ,000 amid bullish market conditions,W IF could surge towards unprecedented peaks .
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