Dogwifhat (WIF) Declines By Over 31% From Local High Of $1.97B Market Cap
Release: 2024/08/20 02:58 Reading: 306
Dogwifhat (WIF) market cap has declined by 31.97% from its recent peak. Despite this decline, there have been more liquidations of long positions than short positions.
A classic Head and Shoulders (H&S) pattern has emerged on the daily chart, indicating a potential accumulation phase.
Market Cap Decline
WIF's market cap has dropped to $1.34B, a 31.97% decrease. This drop follows a similar trend observed in other significant meme coins, such as Shiba Inu (SHIB), Pepe (PEPE), and Dogecoin (DOGE).
Long Liquidations Outnumber Shorts
CoinGlass Data reveals that over $6.9 million worth of long positions have been liquidated in the past 10 days, compared to $3.12 million in short liquidations. This discrepancy suggests that traders anticipated WIF's price to continue rising after its peak on August 9th. However, forced liquidations amplified the downward pressure, leading to a significant decline.
Head and Shoulders Pattern
The H&S pattern on the daily chart has three peaks, with the middle peak being the highest. If WIF breaks below the neckline (the line connecting the three triangles) and rebounds, the pattern will be rejected. In this scenario, WIF's price could retrace towards its previous high.
The immediate targets to watch include the 50-day exponential moving average (blue line) and the 200-day exponential moving average (orange line).
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