WIF Loses Key Support Levels
The popular Solana-based meme coin Dogwifhat (WIF) is facing significant downward pressure. It failed to hold its golden Fibonacci level and the support at the 200 EMA (Exponential Moving Average) on the daily chart.
If WIF closes the daily candle below $2.56, its price could drop by 23%, reaching the next support level at $2. This bearish signal is further reinforced by on-chain data, which indicates increased selling pressure.
Technical Analysis: Bearish Trend Confirmed
On December 18, 2024, the cryptocurrency market as a whole is experiencing price declines. While some assets are consolidating within a narrow range, WIF has failed to maintain critical technical levels.
According to technical analysis from CoinPedia, the loss of the Fibonacci level and the 200 EMA has pushed WIF into a bearish trend. If the price closes below $2.565, there is a strong possibility it could slide further to $2.
$10 Million WIF Inflows to Exchanges
Data from Coinglass reveals that over the past 48 hours, exchanges saw WIF inflows worth $10 million. This indicates growing selling pressure as assets move from whale wallets to exchanges.
Large inflows to exchanges are often viewed as a signal for selling activity, reflecting a lack of confidence among holders to retain assets long-term. This trend could exacerbate the bearish sentiment and encourage short sellers to push prices lower.
Current Price Momentum
At the time of writing, WIF is trading around $2.52, marking a drop of over 12% in the last 24 hours. Meanwhile, the trading volume has increased by 24%, signaling higher activity among traders, likely reacting to market volatility or taking protective measures.
Combining technical analysis with on-chain data, it appears that bears currently dominate the market, making a 23% price drop a realistic outcome in the near term.
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