#wif

What will help Dogwifhat (WIF) break through resistance levels

The price of Dogwifhat (WIF) has doubled in the last seven days and is up 22% in the last week. We break down what will help the coin continue its rise

The analysis of Dogwifhat (WIF) memcoin on the 3-day chart shows that the price has been moving within a horizontal channel since April 12. Resistance is located at $3.64, while support is at $2.32.

Traders remain optimistic

The Open Interest Indicator (OI) for WIF futures rose significantly over the past week. At the time of publication, it stood at $434 million, up 38% over the past seven days.

This onchain metric reflects the total number of currently outstanding contracts for various derivatives such as options and futures. Its rise indicates an increase in the number of market participants entering new positions.

A positive funding rate also confirms optimism. This mechanism provides a balance between long and short positions in the market for open-ended futures contracts. Positive values indicate the dominance of long contracts and mean that the contract price is higher than the spot price. This means that more traders buy the coin with the expectation of selling it at a higher price. In the case of WIF, the funding rate was 0.007% at the time of writing.

Taken together, these two metrics indicate that participation in the futures market for the coin is increasing, with positive sentiment prevailing. Traders are optimistic about the asset's prospects, leading to an increase in the number of long positions.