WIF price trend revealed: What does the whale's buy signal suggest about the future trend?
As the price of Bitcoin fell below $63,000, the recovery of the market was severely tested. Under the pressure of increased supply, the price of WIF has seen a significant correction, which has hindered the market recovery. Now the question is: will the downward trend of WIF trigger a crash, or will it start a new upward cycle due to the increase in whales' holdings?
WIF price status analysis
Price trend:
The current price of WIF is $1.72, down 2.46% intraday, and it has been the third consecutive bearish candle. Technically, the 4-hour chart shows that WIF encountered resistance at the $2 mark and pulled back to the key support level. The Fibonacci retracement level shows that $1.79 is an important support point, and the pullback has fallen below the 50% level.
Technical indicators:
EMA (Exponential Moving Average): Although the possibility of a golden cross exists, the current 50 EMA still supports the price of WIF. Key dynamic support provides the possibility of price recovery. RSI (Relative Strength Index): The RSI line collapsed from the overbought area and fell below the midline, indicating an increase in selling pressure in the short term.
Whale movements attract market attention
Whale trading activities:
In the past 48 hours, large holders have actively accumulated WIF tokens. Despite the overall market decline of 8.69%, the largest holder purchased 800,556 WIF tokens at $1.92 per share, and currently holds 28 million WIF tokens worth $53.23 million, with a profit of more than $75 million.
Another whale deposited $1.25 million in WIF on MarginFi, borrowed 197,000 USDC, and purchased 110,000 WIF tokens, holding a total of 3.3 million WIF tokens worth $5.95 million.
Future Outlook and Suggestions:
With the continued accumulation of whales, the price of WIF may rebound. If the price breaks through the 50% level of $1.79, it may test the resistance levels of $2 and $2.34. On the contrary, if the price falls below $1.60, it is possible to test the support level of $1.39.
The market is unpredictable, but the actions of whales often indicate the future direction. Pay close attention to the price trend and technical indicators of WIF, and make reasonable layout to move forward steadily in the market fluctuations. Follow Boshi, seize opportunities, seize every opportunity to rise, stay calm and patient, and meet every challenge and opportunity brought by the market.
