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Dogwifhat [WIF] can establish a new ATH at 5 USD, but only if…

WIF aims for a new high of 5 USD, showing potential for a bounce back. However, following an 18.98% drop due to market conditions, it is currently finding support while market sentiments vary among traders.

A positive trend in funding rates at 0.0044% indicates bullish tendencies among long traders. Yet, large withdrawals totaling approximately 1.67 million USD from spot traders could pose downward pressure on WIF.

With open interest declining by 10.01% to 403.15 million USD, the loss of confidence among derivative traders suggests a cautious outlook. Continuous liquidations primarily affecting long positions add to the bearish sentiment in the market.

This is community-generated content, not advice from ONUS.
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