Bearish Sentiment Dominates Dogwifhat’s WIF Token
Dogwifhat’s WIF token has shown strong bearish sentiment over the past 24 hours, emerging as the biggest decliner in the cryptocurrency market. The price of WIF plummeted to an intraday low of $2.5253, experiencing a 10% loss. However, the coin has since bounced back and stabilized above the $2.60 support level.
Market Fluctuations and Recovery
At present, WIF is trading at $2.64, reflecting a 6.80% decrease from the previous 24 hours. This decline has impacted its intraday market capitalization, which now stands at $2,632,167,307. Additionally, trading volume has dropped by over 23% to $409,721,394. These bearish movements can be attributed to the overall bullish sentiment in the cryptocurrency market earlier.
Despite these corrections, the overall market outlook for WIF remains bullish, with a 17.69% increase in the weekly chart and a 58.53% surge over the past 30 days. However, a break below the $1.65 support level could give bears full control of the WIF token.
Technical Analysis and Future Predictions
Analyzing the daily chart, WIF recently retested the weekly bearish trendline around the $2.894 mark. This led to a brief two-day bearish trend, indicating strong resistance at this level. Continued bearish pressure may drive the price of WIF down to $2.37 by the week’s end, with further support at $2.07 before a potential upward trend.
From a technical standpoint, the RSI index is pulling back from overbought levels, suggesting a short-term correction. The RSI index currently stands at 62.69, hinting at a possible support level around $2.37 before another breakout attempt.
On the flip side, a breakout above the weekly trendline could see the bullish sentiment take over, pushing WIF towards the $3.00 mark by the week’s end, representing a growth of over 13% from current levels.
Also Read: BlackRock’s IBTC Leads Bitcoin ETF Gains of $532.93M
