dogwifhat remains bearish: When will WIF find a new support level?

-based memecoin, has had a 12.7% decline in the last 24 hrs. In the last seven days, WIF has reported a 19.2% decline.

At press time, WIF was trading at $2.12, which is a continued negative trend over the last few weeks.AMBcrypto’s analysis indicated that WIF has been experiencing a downtrend in the last two days. On the 16th of June, WIF tried to reverse the trend after weeks of sideways trading. Since the 5th of June, RSI-based MA has continually indicated a bearish trend, which at 41 will require a structure and support change for pattern reversal.Equally, according to Santiment, WIF has continuously reported a declining open interest in USD per exchange. At press time, the Open Interest was $135 M, a reduction from $180M on the 10th of June.

Traders, in this sense, were closing long positions and not opening new short positions, resulting in the price decline.Based on Coinglass data, WIF’s volume-weighted Funding Rate has been in continuous decline. From the 15th of June, volume-weighted Funding Rate has been in free fall, slightly dipping into negative territory.

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