How WIF’s price outperformed Bitcoin on this important front

As a seasoned crypto investor with a keen interest in technical analysis, I have closely monitored the recent market downturn and how different assets have fared during this period. While Bitcoin (BTC) experienced a bearish market structure and saw a significant drop below its two-month price range, some altcoins like dogwifhat (WIF) managed to maintain their bullish market structures despite the market dump.

As the losses from April continued into May, not every crypto-asset performed effectively in coping with the market downturn. The situation was worsened when Bitcoin [BTC] fell below its two-month price support of $60,800 and $72,700 on the graphs.

It was anticipated that Bitcoin’s decline beneath its threshold would intensify the selling pressure on the market’s altcoins. Consequently, the values of certain altcoins plummeted by 30% to 40%. Nevertheless, a few of them managed to maintain their bullish trends despite this downward trend.

Crypto expert Ansem identified memcoin Dogwifhat (WIF) as a notable exception during the market downturn. He emphasized that WIF’s market pattern remained bullish despite the bearish trend affecting Bitcoin.

As a crypto investor, I’m often interested in comparing the performance of different digital assets during market fluctuations. Let me share my perspective on the recent pullback: On the left side of my screen is Dogecoin, the popular meme coin that has gained significant attention this cycle. On the right side is Bitcoin, the original cryptocurrency and market leader. The question at hand is which one held a stronger bullish structure during this market downturn. Let’s explore both charts to find an answer.

How WIF’s price outperformed Bitcoin on this important front

For those who are new to the concept, market structure refers to the pattern of prices displayed on a cryptocurrency chart, which can indicate a bullish or bearish trend.

According to the graph, WIF has maintained its position above the $2 mark since March, despite increased selling pressure failing to drive it below this support level. The stock’s price movement remained above essential support and averages indicated by the colored lines. Given its ongoing upward trend, the technical setup for WIF is viewed as optimistic or bullish.

According to technical analysis, when the Bitcoin (BTC) price dipped beneath the two-month support level, roughly at $60k, and fell below one of its moving averages, it signified a significant shift in market structure. In simpler terms, this event indicated that Bitcoin had turned bearish.

From a technical analysis standpoint, considering market conditions, Bitcoin (BTC) was more vulnerable to the market downturn compared to Dogecoin (WIF).

Bitcoin held its value better than WIF

WIF experienced a more significant decline in value compared to Bitcoin when comparing its current price to its all-time high. Specifically, WIF‘s all-time high was $4.86, and at the press time, it was trading at $2.75 – a drop of approximately 44%. In contrast, Bitcoin reached an all-time high of $73,700, but its value at the press time was around $58,000, representing a decline of roughly 20%.

WIF fell twice as hard against BTC based on the percentage of value dropped from its record highs.

As a crypto investor, I’ve noticed that despite the recent market downturn, my holdings in WIF have a strong bullish structure. This means that while I may have experienced some losses during this dip, I’m optimistic that WIF will bounce back more quickly than other assets when the overall market recovers.

2024-05-03 11:03

Bitcoin held its value better than WIF

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