WIF Heading For Rock Bottom? $2.2 Rejection Fuels Further Decline

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,216,841,002,092	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,216,841,002,092

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	1,031.07	1.69%	61,922.21	61,922.20	61,922.21

Price Change

Price Change %

Current Price

Bid Price

Offer

1,031.07

1.69%

61,922.21

61,922.20

61,922.21

High Price	Low Price	Open Price	Prev. Close	52 Week Range
61,994.32	60,611.01	60,866.66	60,891.14	24,900.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

61,994.32

60,611.01

60,866.66

60,891.14

24,900.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	20:50:11	0.000162	61,922.21	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

20:50:11

0.000162

61,922.21

USD

Price x Volume	Volume	Base Symbol	Related Pairs
221,718,556.13	3,612.91	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

221,718,556.13

3,612.91

WIF Heading For Rock Bottom? $2.2 Rejection Fuels Further Decline

28/06/2024 12:00pm

NEWSBTC

Dogwifhat (WIF) is experiencing increased bearish pressure after facing a significant rejection at the $2.13 resistance level. This rejection marks a pivotal moment, pushing the price downward and signaling potential continued losses for the cryptocurrency. Market analysts and investors are closely watching this development, as the inability to break through the $2.13 barrier underscores prevailing selling pressure. As WIF navigates this challenging phase, the focus shifts to identifying the next support levels and understanding the broader market implications of this downward trend. The main objective of this study is to determine whether WIF’s current price action will stabilize at significant resistance levels or continue to decline. Presently, the market capitalization of WIF is over $2 billion, with a trading volume of over $556 million. The cryptocurrency price is currently down by 3.45%, trading at roughly $2.04, while its market cap and trading volume are currently up by 0.44% and 30.66% respectively. Market Analysis: The Impact Of $2.2 Rejection On the 4-hour chart, the price of WIF started a bearish move below the 100-day Simple Moving Average (SMA) after the rejection at $2,2. It can be seen that after the rejection, the price started building momentum before dropping. The 4-hour chart Relative Strength Index (RSI) signals a bearish move for WIF as the signal line of the indicator has started dropping towards the 50% level. Also, WIF’s price on the 1-day chart is currently bearish trading below the 100-SMA. This bearish move, as observed from the chart, started immediately after the price experienced a rejection at $2.2, which is now a resistance level. Furthermore, the 1-day RSI for the price of WIF signals extended bearishness. Since the signal line in this case is still active below 50%, the crypto asset’s price may decline even further. It should be noted that with the formation of WIF’s price actions and that of the RSI indicator, the price of WIF may continue declining toward the $1.47 support level. Where Will WIF Find Stability? As the price of WIF prepares for further decline, there are key support levels it may want to stabilize. If the coin finds stability at the $1.47 support level, it will start to move upward again toward the $2.25 resistance level. A break above this level may trigger WIF to move higher to test the $3.58 resistance level and might move on to test other higher levels. However, if WIF fails to find stability at $1.47 support and breaks below, it will continue to decline towards the $0.71 support level. The crypto asset may pose a further decline toward the $0.26 support if the above-mentioned level is breached. Featured image from YouTube, chart from Tradingview.com

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