$WIF The price is showing bearish signs after breaking below the key support at $3.182 on Friday.

WIF’s price plunged 20% after breaking below the daily support at $3.182 on Friday and could experience a dead cat bounce, a short and sharp price increase within the overall downtrend. This bounce could resolve the price imbalance between $3.152 and $2.888. If the market outlook does not improve, WIF could face rejection at the midpoint of this imbalance, around $3.014. Such a development could trigger a 16% breakdown and retest the daily support at $2.525.

Supporting this theory of a possible uptrend followed by rejection is the relative strength index (RSI), which is currently around 33.89, just above the oversold threshold of 30. This suggests that bearish pressure could temporarily ease, allowing for a relief bounce before WIF’s price resumes its downtrend.

If WIF closes above $3.182 on the daily chart, it will form a higher low on the daily chart, indicating a bullish market structure. This could trigger a 6% rally to $3.357, the daily high since June 7.

Click on the image to find me, you will have the opportunity to get more exclusive information, professional analysis and real-time services to make your investment journey smoother#WIF/USDT