Dogwifhat (WIF) Price Retains $2 Mark: Is WIF Bottomed Out?

• 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.

Source: X

Per the tweet by @Lookonchain, the largest holder has held 23.39 worth of WIF with a profit of $83 Million.

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.

Amanda Shinoy

Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.