WIF Heading For Rock Bottom? $2.2 Rejection Fuels Further Decline
June 28 2024 - 7:00AM
NEWSBTC
Dogwifhat (WIF) is experiencing increased bearish pressure after
facing a significant rejection at the $2.13 resistance level. This
rejection marks a pivotal moment, pushing the price downward and
signaling potential continued losses for the cryptocurrency.
Market analysts and investors are closely watching this
development, as the inability to break through the $2.13 barrier
underscores prevailing selling pressure. As WIF navigates this
challenging phase, the focus shifts to identifying the next support
levels and understanding the broader market implications of this
downward trend. The main objective of this study is to determine
whether WIF’s current price action will stabilize at significant
resistance levels or continue to decline. Presently, the
market capitalization of WIF is over $2 billion, with a trading
volume of over $556 million. The cryptocurrency price is currently
down by 3.45%, trading at roughly $2.04, while its market cap and
trading volume are currently up by 0.44% and 30.66% respectively.
Market Analysis: The Impact Of $2.2 Rejection On the 4-hour chart,
the price of WIF started a bearish move below the 100-day Simple
Moving Average (SMA) after the rejection at $2,2. It can be seen
that after the rejection, the price started building momentum
before dropping. The 4-hour chart Relative Strength Index
(RSI) signals a bearish move for WIF as the signal line of the
indicator has started dropping towards the 50% level. Also, WIF’s
price on the 1-day chart is currently bearish trading below the
100-SMA. This bearish move, as observed from the chart, started
immediately after the price experienced a rejection at $2.2, which
is now a resistance level. Furthermore, the 1-day RSI for the price
of WIF signals extended bearishness. Since the signal line in this
case is still active below 50%, the crypto asset’s price may
decline even further. It should be noted that with the formation of
WIF’s price actions and that of the RSI indicator, the price of WIF
may continue declining toward the $1.47 support level. Where Will
WIF Find Stability? As the price of WIF prepares for further
decline, there are key support levels it may want to stabilize. If
the coin finds stability at the $1.47 support level, it will start
to move upward again toward the $2.25 resistance level. A break
above this level may trigger WIF to move higher to test the $3.58
resistance level and might move on to test other higher levels.
However, if WIF fails to find stability at $1.47 support and breaks
below, it will continue to decline towards the $0.71 support level.
The crypto asset may pose a further decline toward the $0.26
support if the above-mentioned level is breached. Featured image
from YouTube, chart from Tradingview.com
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