$WIF rebounds with a 22% hike: Can WIF sustain these gains? - AMBCrypto Analytics

Despite the gains on daily charts, WIF still remains bearish. Over the past seven days, WIF has declined by 26.34 %, with trading volume sinking by 37% on daily charts.

As reported earlier by AMBCryto, dogwifhat’s decline had analysts fearing a further decline below $1. However, with the recent surge on daily charts, the market feels the upward momentum, if maintained, can drive the prices further up.

According to AMBCrypto’s analysis, despite the gains on daily charts, WIF was experiencing a strong bearish trend. Looking at the Directional Movement Index, the downward is strong, with the negative index at 28 sitting above the positive index at 17.

Additionally, the Aroon line further proves the downtrend is strong as Aroon down at 85.71%, sits above the Aroon Up line at 21.43%. Equally, the RVGI showed that the WIF downtrend is sustained below zero at -0.4355, below the signal line at -0.4339.

Looking further, our analysis of Santiment data shows open interest per exchange has declined over the past week. Open interest per exchange has declined from a high of $146.7 million to $109.1 million at press time.

However, the last 24 hours have witnessed a rise in WIF open interest per exchange. The decline suggests that investors are closing their positions without opening new ones.