- 1 This week, the WIF token displayed sharp, volatile moves and was in focus.
- 2 The RSI curve reverted from the overbought zone, leading to a price bounce.
Dogwifhat (WIF) token price was inside a cage for the past few weeks, and range-bound moves were witnessed. Last week, the token breached the downside support zone of $2, revealing a breakdown.
Afterward, sellers aggressively entered the short trade and tried to push the token toward its 52-week low mark near $1. Meanwhile, the buyers rebounded, trapping sellers.
Meanwhile, the token is still traded in the bearish course and has yet to conquer the battle. Bears were in control and looking to stretch the downside until the token did not approach the $2.50 mark.
At press time, WIF was trading at $2.04, with an intraday surge of 9.36%, reflecting buying momentum in the intraday session. It has a monthly return ratio of -30.20% and 69.28% yearly, reflecting short-term weakness.
The pair of WIF/BTC is at 0.0000331 BTC, and the market cap is $2.04 Billion. Analysts are neutral and suggest that the WIF may retain the bullish momentum and outperform ahead.
Will WIF Price Hold the $2 Mark or Face Rejection?
This week, WIF displayed intense volatility and showcased sideways movement, reflecting the investors’ speculation. The token was heading to retest the 20-day EMA mark and entered the range in yesterday’s session.
The price action signifies that the token has respected the demand region of $1.50 and took a U-turn in the past 24 hours.
Source: Santiment
Per the setup, the token might hover around the 100-day EMA mark and could consolidate the gains ahead. The key metrics reflected a possible bounce ahead toward $2.50, and the token might stretch the pullback in the upcoming weeks.
The Relative Strength Index (RSI) curve spiked from the oversold region and headed toward the midline region. Nonetheless, the bear army has to break the immediate support level of $1.50 to extend the bearish move.
Notably, WIF ranked 54 and has a total supply value of 998.91 million. Its volume-to-market cap ratio is 0.284, and the fully diluted market cap is $2.04 Billion.
Could Improved Weighted Sentiment Data Fuel the WIF Price Rally Ahead?
In the last few trading sessions, the token displayed a noteworthy price reversal, which led to a spike in the weighted sentiment data, marking a 34% rise to the 0.196 mark.
Source: Santiment
Meanwhile, the price volatility curve witnessed sharp fluctuations and revealed a decline of over 13% in the intraday session.
A post by @Nebraskgooner highlighted in his post that the WIF token has retested the downtrend-resistant EMA. This indicates that it might face rejection around its 50-day EMA mark, guiding its negative outlook.
$WIF
— Nebraskangooner (@Nebraskangooner) June 25, 2024
Retesting that downtrend resistance EMA I mentioned yesterday.
Possible rejection spot https://t.co/Qoe7pnlQtw pic.twitter.com/MfMQszaKk1
Source: X
Per the tweet by @Lookonchain, the largest holder has held 23.39 worth of WIF with a profit of $83 Million.
The largest holder of $WIF spent 4.65M $USDC to buy 2.3M $WIF at $2.03 8 hours ago!
— Lookonchain (@lookonchain) June 26, 2024
He currently holds 23.39M $WIF($49.6M), with a profit of ~$83M on $WIF!
He is also the one who spent 86,738.1 $SOL($8.65M) to buy 17.22M $WIF in one trade.
Address:https://t.co/5fd4VETnts… pic.twitter.com/EHbdZVBHl9
Source: X
The immediate support levels for the WIF token are $1.80 and $1.30, whereas the key upside hurdle is around $2.40, followed by $3
Conclusion
WIF reverted from the downside support zone of $1.50 and surged over 10% in the last few hours. However, the chart revealed rejection from the bottom and showed an impressive recovery, which trapped sellers.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
