WIF Price Has Stuck in a Range: Who Will Dominate Further?

• The trading volume has dropped by 82% in the past 24 hours.
• Dogwifhat price has slipped below the key moving average, indicating a negative forecast.

The chart structure of the WIF price displays that the price has remained bullish for a month after its launch. Dogwifhat price recorded an all-time high of $4.86 on March 31, 2024, and witnessed profit booking. 

Since the beginning of April, the digital asset price has performed negatively. It has declined by not reaching the last swing high.

For over a month, the WIF crypto price has been consolidating in a range, and buyers are trying to exceed the 20-day EMA. However, sellers seem to be stronger and drag down the price. Another angle shows that the Dogwifhat price defends the last swing low, demonstrating the buyers’ involvement.

RSI was 43, dropping below the RSI-based moving average and heading towards the oversold zone. MACD has formed red histograms, and the signal line and the MACD line have fallen below the zero line. Overall, the technical indicators favor the bearish forecast.

Volume Surged by 400%

Since May 13, the trading volume has jumped from $178 Million to $890 Million, but the price has shown weakness. Currently, the WIF price is at the support level, and bounceback is possible because of the rise in trading volume.

Is Bounceback Expected in Dogwifhat?

The source from ‘x’ demonstrates that the hurdle of $2.30 is a bounceback area. The WIF price has entered this zone, and trading volume has increased.

$WIF: $2.30 should provide a bounce area. Thought it would break past the range high but definitely was wrong. Could also see the wick tapped again too, around $1.80. Those should be good short term bounces overall pic.twitter.com/HQi5G5uctE

— Altcoin Sherpa (@AltcoinSherpa) May 18, 2024

If sellers make more effort, the price may go for the previous wick level around the $1.80 mark. According to this source, these zones can be considered demand zones.

Dogwifhat Price Has Formed a Symmetrical Triangle Pattern

On a daily time frame, the WIF crypto price has formed a symmetrical triangle pattern. Suppose the price triggers a breakout and advances to the $3.50 mark, and then buying momentum can be expected.

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On the other hand, if the digital asset price starts trading below the $2.20 hurdle, then most of the holders may go for profit booking. Profit booking on a higher scale may lead to strong selling pressure.

When writing, the Dogwifhat crypto price was traded at $2.56, and the market capitalization was $2.55 Billion. The 24-hour trading volume was $896.61, and according to the trading volume, it ranked 9th in the cryptocurrency market.

Conclusion

The WIF price has been facing some challenges and uncertainties in the market. The technical indicators favor a bearish forecast, but there are signs of potential bounceback areas and buying momentum. The symmetrical triangle pattern suggests a breakout could lead to either buying momentum or profit booking.

Technical levels

The WIF price may face resistance from the $3.20 and $4.60 marks in the upcoming sessions. The asset price may take support on the $2.50 and $2.00 levels.

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.