According to Cointelegraph, futures traders are increasing their positions in Solana-based memecoin Dogwifhat as analysts identify a potential reversal pattern. The cryptocurrency is currently trading 66% below its March all-time high.
Since August 31, Dogwifhat Open Interest (OI) has risen by 16% to $231.48 million, based on CoinGlass data. Despite this, Dogwifhat's price has dropped 17% since August 25, now trading at $1.57 and remaining below $1.90 for the past ten days, according to CoinMarketCap data. Some traders believe the price is poised for a rebound to $2.40, a level not seen since July 30, representing a 52.80% increase from its current price.
Pseudonymous crypto analyst Bluntz noted a
