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DOGWIFHAT PRICE ANALYSIS & PREDICTION (February 8) – WIF Aims Lower Amid Bearish, Targets $0.5 Despite Recent Rejection
Market Analysis
WIF, the largest meme coin on the Solana ecosystem, has lost its bullish momentum in recent months due to a surge in supply. The overall market structure appears bearish and is now influenced by negative sentiment daily.
In November last year, WIF failed to break above its previous peak of $5, resulting in a steady decline that persisted for two months before breaking below the crucial $1 level this month. This sudden drop sparked widespread Fear, Uncertainty, and Doubt (FUD) among investors, but the meme coin managed to recover after swiftly rejecting the $0.63 level earlier this week.
Despite the recent rebound, bears are now firmly in control of the market. From a technical perspective, bulls have temporarily stepped back from WIF’s market. However, for those looking to accumulate for long-term returns, the current discount could potentially last until the key $0.5 level – where the price broke out a year ago – before bouncing back.
Upon examining the daily chart, it is evident that the asset has lost momentum despite the recent rejection. A collapse below this week’s low could lead to further reductions until finding a floor. Currently, WIF remains bearish on the daily chart.
Key Levels To Watch
WIF currently trades very close to the critical $0.63 support level. If breached, the price could plummet to $0.48 and potentially $0.334 before bouncing back. The $0.975 resistance level is considered an immediate hurdle in case of a buy. A successful retake of the $1 mark would open up potential for more buyers to enter at $1.377. More significant resistance levels to watch for a strong recovery are $2, $3, and $4 in the near term.
Key Resistance Levels: $0.975, $1.377, $2
Key Support Levels: $0.63, $0.48, $0.334
Spot Price: $0.73
Trend: Bearish
Volatility: High
In conclusion, this is not trading or investment advice. Always conduct thorough research before buying any cryptocurrency or investing in any services.
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Source: nulltx.com
