As the market fell midweek, the supply of altcoins, especially meme coins, increased sharply. Among meme coins, WIF price pulled back, threatening the current uptrend.
Will the memecoin industry stage a comeback this month? Will the WIF price jump back to its May peak of $5 after a retest?
WIF price performance
The meme token’s market cap fell by 10% as the bullish move failed to break above the high supply resistance at $3.35. With the crash, WIF price fell below the $3 mark and moved lower in search of the next support level.
However, the 18% drop reflects bullish exhaustion leading to increased supply.
The decline in WIF price has retested the breakout resistance trendline of the triangle pattern. Therefore, OTC traders expect the memecoin to see gains after the retest to extend the current uptrend.
Currently, meme coin is trading at $2.87 with an intraday loss of 4.17%, reflecting a strengthening bearish momentum. As the bearish candle continues, the chances of a bullish comeback are becoming slimmer.
Technical indicators:
MACD: The MACD and the signal line are struggling to rise into the positive zone. Moreover, the bearish crossover occurring on the moving averages reflects the increase in supply.
RSI: The daily RSI slope is trending sideways after rising close to the overbought zone.
Will WIF prices make a comeback?
As the memecoin struggles to overcome the recent spike in supply pressure, the chances of a reversal are slim. WIF price action predicts the possibility of a reversal after a breakout and retest of the resistance trendline. However, the intraday drop of 4% suggests that the downtrend will continue.
If a reversal occurs, WIF price could reach the $5 mark this month. Conversely, a break below $2.75 will test the psychological barrier of $2.
(Personal opinion, not a recommendation)
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