WIF Drops Below $1, Faces Strong Selling Pressure
Key Takeaways
dogwifhat (WIF) has fallen below the psychologically important $1 mark. Strong selling pressure could push the price down to $0.35 in the coming weeks. Despite an oversold Relative Strength Index (RSI), there is no guarantee of a quick recovery. In the short term, a sideways movement between $0.69 and $0.74 could establish itself.
Strong Sell-Off Continues
WIF has experienced significant losses in recent weeks. In January, the price was still at $1.50 before declining sharply. Already in December, the gains from the November rally were completely erased. Fibonacci extension levels indicate that the next significant support is at $0.35 – a level that played an important role in February of the previous year.
Technical Indicators Show No Recovery
The RSI is in the oversold zone, which typically suggests a potential recovery. However, this does not necessarily mean a price increase. The On-Balance Volume (OBV) indicator, which measures trading volume, has reached new lows over the past two weeks. This indicates that selling pressure remains high.
Liquidations Could Cause Volatility
A look at liquidation data shows that many short positions are between $0.69 and $0.74. If the price rises into this range, liquidations could trigger a short-term recovery. If the $0.74 mark does not act as resistance, an increase to $0.80 could be possible. Nevertheless, the overall market sentiment for WIF remains negative.
Our Assessment
The current market situation does not support a quick recovery for WIF. Selling pressure remains high, and technical indicators show no clear trend reversal. In the short term, a sideways movement between $0.69 and $0.74 could occur before another downward movement. Investors should keep an eye on liquidation levels, as these could trigger short-term volatility.
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