- WIF’s Price dropped by 11.21% in just 24 Hours
- A bullish chart rally was triggered by whale activity, social volumes and social media volume
The time this was written is the current date. Dogwifhat’s (WIF) price After a drop of 11.21% in the past 24 hours, its value was $1.81. WIF price was consolidating into a triangle after 29th May. WIF, however, broke out of the triangle pattern on 20 June. This indicated that WIF’s price might continue to plummet.
As we went to press, it appeared that the price had been testing $1.98 as a critical support level. This could lead to a price increase if the price rises above it.
TradingView: Source for WIF/USD
Stochastic Rsi (1.18) indicated on charts an oversold region. The level is likely to be an important longing area, and could serve as the foundation for a price change. MACD highlighted the fading bullish pressure on the whole market.
Whale Activity Volume and Social Volume
AMBCrypto analysed Santiment’s stablecoins and the large wallet address holdings. It found that there were several peaks in recent weeks. This increase in whale activity could be a sign of confidence by big market players in WIF’s prospects over the long term, setting up the possibility for reversal.
Santiment
AMBCrypto analyzed WIF’s volume of social media and found that it had increased in the past 6 days. It means there have been more mentions on social media and discussions. Social media is a positive ecosystem that could be the foundation for an increase in prices.
Bears and Bulls Tag War
Coinglass data on the long/short position ratio also showed a market that was fairly balanced. The shifts from long to short positions were fluctuating over the course of a few days. The traders’ inability to predict WIF’s direction was reflected by this equilibrium.
Coinglass
Finally, Coinglass’ liquidation data pointed to irregular spikes in both long and short liquidations – A sign of increased volatility.
Coinglass
What is next for Dogwifhat?
As of press time, the technical indicators appeared to be pointing towards a build-up of bearish pressure while whale accumulation, social volume, and significant whale accumulation provided positive signals. Simply put: WIF It may be at the point of a crucial decision, and there is a possibility for sweeping changes in either direction.
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Source: ambcrypto.com
