Dogwifhat (WIF) Price Took a Strong Rebound and Has Recovered Nearly 50% From the Bottom in the Last Couple of Sessions

Various negative news in the markets led to sharp crashes in the cryptocurrency markets. However, it seems to be stabilizing now as several cryptocurrencies

Dogwifhat price displayed a strong rebound on Monday, recovering nearly 50% from the recent lows in a matter of days. At press time, WIF price was trading around $1.74, showcasing a robust 22.5% intraday rise.

The broader cryptocurrency market displayed a mixed performance over the last 24 hours. Leading cryptocurrency Bitcoin price noted a slight decrease of 0.2%, while Ethereum price noted a 0.7% gain. Among the altcoins, XRP price surged by 6.3%.

On the other hand, Solana price dropped by 2.2%, while Litecoin price noted a 1.2% loss over the last 24 hours. The total cryptocurrency market capitalization displayed a 0.1% loss to reach $2.74 Trillion.

Dogwifhat price open interest soared

The recent crash in the crypto markets had a significant impact on the altcoins. Together with the blue chip cryptocurrencies, the altcoins noted a sharp crash triggering a fear among the investors.

However, the recovery in the last couple of sessions have added some sort of relief for the crypto investors. Dogwifhat, a popular memecoin was among the early gainers and has almost recovered the halfway.

Moreover, in tandem with a strong rebound in the WIF price, the analysts have noted a significant development in a popular on-chain metrics: Open interest data. As per the analysts, the open interest contracts have developed from $143 Million to $203 Million in a day, indicating a nearly 30% rise in the OI data.

A significant growth in the number of OI data suggests the improved sentiments and increasing participation of the short term traders and investors. Also, the transaction volume has surged by 13% to $813.2 Million a day.

Can Dogwifhat crypto continue to rise or fail again?

The daily chart highlights a strong rebound from the lows indicating the presence of the buyers at the lower levels. The recent recovery is backed by momentum and a significant rise in the OI data which suggests that the recovery may continue in the short term.

However, on the higher side lies the key exponential moving averages which may offer resistance to WIF price. Now, if the price is able to surpass the key moving averages, it may indicate a bullish continuation and the price may show straight gains till the higher supply of $3 level.

At the time of writing, the relative strength index line (RSI) had withdrawn from an oversold region and was currently placed close to 41.8 points.

Also, the 14 day SMA line was placed close to 43.70 points. A bullish crossover between the RSI and SMA line may further enhance the investors sentiment.

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