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Dogwifhat’s Dramatic 10% Plunge and Glimmer of Hope: Will It Survive?

BBG News

After a jaw-dropping tumble in the past 24 hours, Dogwifhat (WIF) seems to be flexing its muscles, showing signs of a comeback. The token took a swift dive, losing a whopping 10% on July 11 before catching its breath above crucial psychological levels. Now, the market’s holding its breath, wondering: Is WIF finally building its base, or is the downward spiral far from over?

Stabilization Attempts After Double-Digit Decline

According to BraveNewCoin’s glittering data, WIF suffered a 10.24% loss, plummeting from $1.02 to a measly $0.92. This crash aligns with the usual meme coin madness, where sentiment flips faster than a pancake on a hot griddle. But don’t fret, despite the catastrophic fall, the trading volume held steady at $571.11 million, showing that this wasn’t a panic sell-off. Nope, just some good ol’ profit-taking—nothing personal, just business.

The price action lacked the all-too-familiar liquidation drama, though. With a market cap of $919 million and a circulating supply of 998 million WIF, this token holds firm at #109 in the crypto rankings. So, is it a sell-off or simply a shakeout? Time will tell, but the volume hints at a possible consolidation phase. The $0.90 mark could be the secret key to a future recovery.

Dogwifhat Price Prediction: Open Interest Declines Alongside Price Drop

In a twist fit for a crypto soap opera, WIF/USD’s hourly chart reveals a classic speculative cycle: a sudden spike above $1.05, followed by an immediate crash. Oh, the drama! This rollercoaster ride is a familiar tale for short-term altcoin speculators who find themselves trapped in a psychological battle with resistance levels.

Open Interest (OI) data backs this up, peaking at 7 million contracts before plummeting to 4.77 million. The reduction in OI—coupled with falling prices—suggests leveraged traders have exited, possibly hitting the eject button in panic. Lower prices, lower OI: the recipe for waning speculative energy. Not the most thrilling combo, but hey, at least we’re not looking at complete liquidation.

The crucial $0.90 support zone remains untouched, so the crypto world is glued to this level. If it holds firm, we might witness a brief consolidation, offering intraday traders a perfect stage for their range-bound dreams. But if both OI and price continue to decline, well, brace yourselves for a continued tumble.

Technical Indicators Hint at Possible Recovery Zone

However, as of July 12, WIF is hanging in at $0.93, having peaked at a lofty $1.99 earlier this year. Though it’s down more than 50% from its glory days, recent chart patterns suggest a glimmer of hope—perhaps a sneak peek at the beginning of an accumulation phase. The Awesome Oscillator (AO) gives a wink with a positive reading of 0.083, accompanied by growing green histogram bars. Is this the start of a short-term bullish divergence? Only time will tell.

The Crypto Volatility Index (CVI) stands tall at 159.91 billion, confirming that this market is far from boring. With volatility still soaring since April, WIF is likely to continue its unpredictable dance.

But here’s the kicker: If the AO continues to show positive momentum and the price stays comfortably above $0.90, traders might start dancing again. A breakout above $1.00 would be the ultimate sign for reversing the bearish trend. Hold on to your seats, folks!

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2025-07-13 00:31

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