Futures traders are ramping up their positions in Solana-based memecoin Dogwifhat, and analysts have spotted a potential reversal pattern as it trades 66% below its March all-time high. Since Aug. 31, Dogwifhat open interest (OI) — the total number of Dogwifhat futures contracts that have yet to be settled or expire — has increased 16% to $231.48 million, according to CoinGlass data.

The Dogwifhat (WIF) price has dropped 17% since Aug. 25 to $1.57 at the time of writing, remaining below $1.90 for a 10-day period. Some traders believe the price is due for a rebound back up to $2.40, a level it hasn't reached since July 30, due to the stagnant price. A price rebound to $2.40 represents a 52.80% spike from its current price.

Pseudonymous crypto analyst Bluntz wrote in a Sept. 3 X post that the Dogwifhat price has formed a "perfect channel retest," potentially signaling an impending reversal. The trader claims that "nobody is ready" for the reversal, suggesting that market participants may be caught off guard by the price action.

Source: https://cointelegraph.com/news/dogwifhat-wif-open-interest-price-reversal-crypto-traders

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