Chart Observations
Price Movement:
The asset experienced a substantial bullish rally recently, peaking above $4.00 before correcting downward. Current trading price is around $3.10.
The price has retraced to test support levels previously established in the range of $2.90 - $3.00.
Moving Averages:
The 200-period SMA is acting as a dynamic support, currently positioned at $3.24. The price is below this average, which indicates a bearish short-term trend.
RSI (Relative Strength Index):
The RSI value is around 39.30, indicating that the asset is approaching the oversold region, signaling potential buying pressure at lower levels.
MACD (Moving Average Convergence Divergence):
MACD histogram is in a bearish phase with a negative divergence. This suggests that the bearish momentum might persist in the short term.
Key Levels
Support Zones:
$3.00: A critical psychological and horizontal support zone.
$2.90 - $2.80: A strong historical support range that might attract buyers.
Resistance Levels:
$3.50 - $3.60: First resistance zone to watch.
$4.00: A psychological resistance and recent swing high.
Volume Analysis
Volume has decreased since the rally, signaling fading momentum. A spike in volume near support or resistance could determine the next major move.
Conclusion
While WIFUSDT is showing bearish tendencies in the short term, the RSI indicates potential for a rebound from oversold conditions. Observing volume and price action around the $3.00 support zone will be crucial for determining the next trend.
