Dogwifhat (WIF) traders experienced major volatility over the past day when their cryptocurrency plummeted by 23.83% and set a new downward trend of 64%.
Although the market remains in a downhill phase professionals see a chance for recovery coming soon which could produce major advances based on trading signals.
Current technical data shows WIF enters a descending channel pattern with closing resistance and support lines that move towards each other. When prices reach the upper resistance line then break through it the signal turns bullish because it shows price recovery towards its initial high level.
Dogwifhat (WIF) Poised for a Major Trend Reversal
As WIF follows its price movement that indicator suggests the asset may change direction significantly soon. The professional researchers say WIF needs to return to $0.4375 before prices might rise substantially. Once WIF establishes stability at this price range it has the potential to boost by 964% up to $4.83 based on market predictions.
The market performance indicators show that the asset may recover from its current depths. The Relative Strength Index currently shows WIF at 22.99 levels that formally indicate strong selling activity. This minimal selling pressure shows it might end soon which leads to better chances of price improvement.
According to Chaikin Money Flow (CMF) the market shows -0.35 in buying and selling pressure measurement due to ongoing market bearishness. A steady rise in both CMF and RSI measures would confirm an upcoming market change as support for the positive price movement.
Spot Traders Continue Selling WIF, Extending Bearish Momentum
Even though the market indicators predict a trend shift market participants still expect prices to keep declining. References show that spot traders spent $2.17 million on market purchases within the past day continuing their sale pattern seen in the previous day’s $2.26 million amount sold.
The trading sector reveals a matching bearish viewpoint on WIF. The Open Interest Weighted Funding Rate now shows a -0.0031% number that means short sellers hold greater power over the market. The indicator shows that investors continue placing their bets on WIF to decrease in value. The market state can flip as traders start to buy rather than sell.
Everyone will closely monitor WIF’s behavior through this important support level to see if the stock breaks out above it. When buying activity matches key indicator metrics WIF has a strong chance to change its falling market direction.
The market needs watchful participants because price may keep falling during the next few sessions. Next several sessions will show if WIF moves through the resistance level or slides lower.
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