Can Dogwifhat Traders Push WIF Past Price Barriers? Here’s the Analysis! (3/2/25)

Jakarta, Pintu News – Dogwifhat (WIF) is currently facing a major challenge in its bullish trend, but is still showing significant strength. Amid volatile market conditions, the cryptocurrency is on the verge of an important decision that could determine its next direction.

Big obstacles ahead

At this moment, WIF is facing strong resistance marked by the descending resistance line (purple in color) which coincides with the Fibonacci retracement level. Every time WIF reaches this level, the price tends to decline. However, based on recent analysis, there is a possibility that WIF will break this resistance and surge by 34% to reach a new peak at $0.897.

If it does not break through, WIF may drop to the key support zone at $0.634 or even lower at around $0.609. After that, WIF is expected to go back up and break through the resistance level to reach the highest target that has been set.

Also Read: The Future of Pi Coin (PI) in the Cryptocurrency World: Will PI Capi $5? Here’s the Technical Analysis!

A Wave of Buyers May Push Prices Up

Big buyers on trading platforms such as Binance and OKX seem to be making big bets on WIF, with buying volumes increasing significantly. The Buy-Sell Ratio by Takers on Binance is 3.54 and on OKX is 1.81. A number above one indicates a strong belief in the potential price increase of WIF, which has historically had a positive impact on price movements.

In addition, Open Interest and Funding Rate also increased. Open Interest rose by 5.83% to $203 million, while the Funding Rate stood at 0.0054% at press time. These increases indicate increased activity and interest from large traders in WIF.

Weekly Buying Activity Continues

Spot buyers also exhibited similar buying behavior, with weekly net flows to the exchange remaining negative. This week, $9.05 million worth of WIF was purchased and moved to private wallets, likely for long-term storage. Throughout the month of February, a total of $64.49 million worth of WIF has been bought and withdrawn from exchanges.

The reduced supply of WIF on exchanges is expected to have a positive impact on prices. Limited access to this asset could push its exchange rate higher, especially if demand continues to rise amidst reduced supply.

Conclusion

With the strong resistance faced and the massive support from large traders, WIF is in a crucial position to determine its next direction. Whether it manages to break through the resistance and reach higher price levels or experiences a temporary decline before climbing back up, the market will determine the outcome. Investors and crypto market watchers will certainly continue to monitor this development with great enthusiasm.

Also Read: Pi Network Price Plunges 18% After Legal Warning from Vietnam (3/2/25)

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• AMB Crypto. Examining if DogWifHat Traders Can Push WiF past this Major Hurdle. Accessed on March 3, 2025
• Featured Image: Coinpedia