Coinglass reports that the amount of derivatives has increased by 127.81% to $1.94 billion.
WIF recently jumped to $2.4786, a one-month high, a rise of 47% from $1.665.
The crypto market made a stunning turnaround this week, filling investors with enchanted anticipation for the commencement of the long-awaited bull run. With its surge to $65,000, Bitcoin set off a larger wave of optimistic sentiment. The dogwifhat price analysis, meantime, shows that WIF is about to go on a run that will more than double its value in the next several weeks.
Rebounding from support at $1.5, Dogwifhat got the trading week off to a good start. With more and more investors purchasing WIF, the price surged and eventually settled at $2.37.
The Coinglass website reports that the amount of derivatives has increased by 127.81% to $1.94 billion, signaling a rise in open interest (OI), with 27.37% of new contracts opening for a total of $302.47 million.
Bulls in Control
Following an extended period of decline, Dogwifhat (WIF) recently jumped to $2.4786, a one-month high, a rise of 47% from $1.665 in the previous seven days as per data from CMC. The volume of trades, however, has fallen 11% in the last day.
On the other hand, there is a pessimistic trend among other memecoins. Dogecoin fell 2% and SHIB fell 10% due to worries over the WazirX breach. Regardless, a number of indications for WIF are pointing to an upward trend, with the 50-day EMA at $2.19 being the first.
Similarly, the data from liquidations reveals that longs outnumbered shorts. But shorts have won out over longs in the last four days, however, recently shorts worth $1.83 million have been liquidated.
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