- dogwifhat climbed past $3.6 but was immediately rejected.
- The bearish sentiment could force further losses.
As a researcher with experience in analyzing cryptocurrency markets, I’ve noticed that meme coin WIF had a promising start to the week but faced significant rejection at the $3.6 level. The bearish sentiment, fueled by Bitcoin’s [BTC] struggle at the $64k resistance, has forced WIF down to the mid-range mark of around $2.91.
Meme coin dogwifhat [WIF] had a bright start to the week when it flipped the $3.2 level to support.
Over the last 24 hours, bearish sentiment ruled the roost in cryptocurrency markets. Bitcoin [BTC] encountered a roadblock at $64,000, failing to hold this level and subsequently dipped to $62,200 as of the press time.
The WIF stock was estimated to be worth $2.91, and there was intense competition between buyers and sellers to dominate the middle price point. A previous analysis by AMBCrypto predicted a potential decline to $2.8, which proved accurate.
The battle for mid-range rages on
As a crypto investor, I’ve noticed that the price of my investment ranged between $2.24 and $3.56 over the past month. At the start of this week, there was a failed attempt to break through the resistance at the range highs, which is referred to as a “Wick Into the Fog” (WIF) rejection. Furthermore, the On-Balance Volume (OBV) indicator didn’t manage to surpass the local highs and instead trended downwards.
As a researcher observing the market, I took note of a clear indication of diminishing demand for the meme coin. Consequently, its price dipped and reached the middle ground, settling around the $2.9 mark.
In the past few hours, the market has not closed above this level during the 6-hour timeframe, indicating that bears may have the upper hand. This could lead to a potential price drop towards the $2.4 support area.
The RSI also slipped below the neutral 50 mark to highlight bearish momentum was stronger.
For a more conversational rephrasing, you could say: “In the near future, the price might rebound to around $3.1 to $3.2 in order to offset the gap created by the rapid declines we’ve experienced over the last day.”
Sentiment begins to falter amidst losses
Based on an analysis of the information provided by Coinalyze, AMBCrypto noted that the price jump to $3.68 on May 6th did not exhibit strong signs of buyer confidence.
Realistic or not, here’s WIF’s market cap in BTC’s terms
Over the weekend, the Open Interest chart saw a downward trend that persisted into Monday, despite the market rally failing to significantly reverse this decline.
As a market analyst, I’ve observed that the spot Cardiovascular Diseases (CVD) index has taken a downturn in the past few hours. This drop underscores the mounting selling pressure in the market. From a technical standpoint, it appears likely that we will witness further declines for Wide Indiscriminate Fund (WIF) in the coming days based on chart analysis.
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2024-05-08 16:07