Dogwifhat open interest has spiked as its price has been trading below $1.90 since Aug. 25, while a trader points out a potential reversal pattern forming.
Futures traders are ramping up their positions in Solana-based memecoin Dogwifhat as analysts spot a potential reversal pattern as it trades 66% below its March all-time high.
Since Aug. 31, Dogwifhat Open Interest (OI) — the total number of Dogwifhat futures contracts that have yet to be settled or expire — has increased 16% to $231.48 million, according to CoinGlass data.
Meanwhile, Dogwifhat’s (WIF) price has dropped 17% since Aug. 25, now trading at $1.57, remaining below $1.90 for the ten-day period, according to CoinMarketCap data.
