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dogwifhat: WIF can rally beyond $4 only if THIS happens
WIF has experienced a significant decline of 64%, and the bears have continued to assert their dominance with an additional 23.83% drop in the past 24 hours. However, technical indicators are hinting at a potential rebound that could lead to a staggering 964% rally.
An analysis of WIF’s recent market performance reveals that it is trading within a descending channel, a bullish pattern characterized by converging support and resistance levels trending downward. This setup suggests that the asset may breach the resistance line and retest the starting point of the descending channel, potentially leading to a significant price increase.
The chart indicates that this rally would be triggered at a crucial support level below $0.4375. If WIF can successfully break through this level, it could propel the asset towards a massive 964% surge in value, taking it beyond the psychological barrier of $4.
Market indicators further corroborate this prediction, with both the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) suggesting a rebound is imminent. The RSI has entered the oversold region, which often signals that the market remains bearish but may be due for a major bounce back.
Concurrently, the CMF indicates persistent selling pressure with a reading of -0.35. If this indicator begins to rise in conjunction with the RSI, it could signify a reversal in price action, aligning with the chart structure outlined above.
Despite the bleak sentiment surrounding WIF, which has seen $2.17 million worth of the asset sold in the past 24 hours, there is still hope for a turnaround. If both spot and derivative traders shift their stance and begin buying WIF, it could contribute to a change in market direction.
For now, traders remain bearish on WIF, with both spot and derivative markets reflecting this sentiment.
Source: ambcrypto.com
