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dogwifhat remains bearish: When will WIF find a new support level?
The post dogwifhat remains bearish: When will WIF find a new support level? appeared on BitcoinEthereumNews.com. WIF declined with 12.7% in 24 hrs and 19.2% in seven days. Metrics indicated that investors were closing long positions without opening new short positions. dogwifhat [WIF], the Solana [SOL]-based memecoin, has had a 12.7% decline in the last 24 hrs. In the last seven days, WIF has reported a 19.2% decline. With the price decline, the market cap has fallen by 12.43% in the last 24 hrs to $2.1B. However, WIF’s trading volume has surged by 69.96% in 24 hrs to $496 M with a circulating supply of 998M. At press time, WIF was trading at $2.12, which is a continued negative trend over the last few weeks. Source: TradingView AMBcrypto’s analysis indicated that WIF has been experiencing a downtrend in the last two days. On the 16th of June, WIF tried to reverse the trend after weeks of sideways trading. However, at press time, the attempts failed, and the downtrend continued. Thus, during this strong downtrend, the price declined by 50.88% to $2.11 from a high of $4.05. Source: TradingView Looking further, the RSI indicated a further bullish trend as it was nearing the oversold zone at 34. Equally, the RSI was crossing below its MA, which was a strong indicator of a bearish momentum. Since the 5th of June, RSI-based MA has continually indicated a bearish trend, which at 41 will require a structure and support change for pattern reversal. Source: Santiment WIF: Pessimistic market sentiment Equally, according to Santiment, WIF has continuously reported a declining open interest in USD per exchange. At press time, the Open Interest was $135 M, a reduction from $180M on the 10th of June. Declining Open Interest showed declining interest in WIF, as traders were avoiding new positions. This indicated that traders were indifferent and lacking confidence in the current trend,…
The post dogwifhat remains bearish: When will WIF find a new support level? appeared on BitcoinEthereumNews.com.
WIF declined with 12.7% in 24 hrs and 19.2% in seven days. Metrics indicated that investors were closing long positions without opening new short positions. dogwifhat [WIF], the Solana [SOL]-based memecoin, has had a 12.7% decline in the last 24 hrs. In the last seven days, WIF has reported a 19.2% decline. With the price decline, the market cap has fallen by 12.43% in the last 24 hrs to $2.1B. However, WIF’s trading volume has surged by 69.96% in 24 hrs to $496 M with a circulating supply of 998M. At press time, WIF was trading at $2.12, which is a continued negative trend over the last few weeks. Source: TradingView AMBcrypto’s analysis indicated that WIF has been experiencing a downtrend in the last two days. On the 16th of June, WIF tried to reverse the trend after weeks of sideways trading. However, at press time, the attempts failed, and the downtrend continued. Thus, during this strong downtrend, the price declined by 50.88% to $2.11 from a high of $4.05. Source: TradingView Looking further, the RSI indicated a further bullish trend as it was nearing the oversold zone at 34. Equally, the RSI was crossing below its MA, which was a strong indicator of a bearish momentum. Since the 5th of June, RSI-based MA has continually indicated a bearish trend, which at 41 will require a structure and support change for pattern reversal. Source: Santiment WIF: Pessimistic market sentiment Equally, according to Santiment, WIF has continuously reported a declining open interest in USD per exchange. At press time, the Open Interest was $135 M, a reduction from $180M on the 10th of June. Declining Open Interest showed declining interest in WIF, as traders were avoiding new positions. This indicated that traders were indifferent and lacking confidence in the current trend,…
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