Dogwifhat’s WIF token has exhibited a solid bearish sentiment in the last 24 hours, marking today’s top loser in the crypto market. As a result of this negative price action, WIF’s price fell to an intraday low of $2.5253, which recorded a 10% decrease at the time. However, the token has recently rebounded, stabilizing above the $2.60 support level.
At press time, WIF exchanged hands at $2.64, indicating a 6.80% dip over the last 24 hours. This downtick further impacted its intraday market cap, which sits at $2,632,167,307, while trading volume witnessed a more severe decline, plummeting by over 23% to $409,721,394. This bearish sentiment can be attributed to the overall bullish sentiment in the crypto market earlier today.
Despite these market corrections, the overall market for WIF remains bullish. The weekly chart indicates that the current price reflects a 17.69% increase and a 58.53% gain over the past 30 days. Nevertheless, should a breach below $1.65 support come into play, the bears might grasp full control of the WIF token.
WIF Retests Trendline, Faces Bearish Pressure
Focusing on the daily chart, the WIF token recently retested the weekly bearish trendline at the $2.894 zone. Upon hitting this level, the asset experienced a consecutive two-day bearish trend. Historical data implies that this trendline has proved to be a strong resistance, as WIF prices tend to falter upon contact.
Should this move persist in the short term, market analysts forecast that WIF could witness its price dip toward the $2.37 level by the end of the week. Nonetheless, should this support wobble, WIF prices might aim for deeper levels around the $2.07 mark before attempting another bull run.
Technically, the RSI index supports this move as it retraced from the overbought region, signaling a potential short-term correction. Positioned at 62.69, the RSI index indicates that WIF’s value might soon reach the $2.37 support level before trying another breakout.
Contrastingly, should the overall bullish sentiment in the WIF token take full control, a breakout above the weekly trendline is imminent. This breakout could further eliminate the bearish sentiment in the daily chart and push WIF prices to higher levels around the $3.00 zone by the end of this week, representing over a 13% gain from its current price.
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