Crypto traders claim that Dogwifhat will "likely retest" the critical support level as its price and open interest have both plummeted since July 27.
Solana-based memecoin Dogwifhat open interest (OI) has declined amid a broader price decline over the past seven days with traders expecting a near-term retest of a critical support level.
On August 3, Dogwifhat (WIF) OI — which measures the total value of all outstanding or unsettled Dogwifhat futures contracts across exchanges — has fallen to $252.5 million, approximately 28% down from seven days prior on July 27, at $353.4 million, according to CoinGlass data.
WIF is currently trading at $1.67, down 35.48% since July 27, according to CoinMarketCap data. Crypto traders expect Dogwifhat to retest the $1.50 level, which has recently been identified as a critical support level in recent times.
