- WIF exhibited signs of a potential bounce to the upside, aiming for a new monthly high.
- Charts showed mixed signals, with derivative and spot traders adopting differing stances.
In the past 24 hours, dogwifhat [WIF] experienced a massive plunge, losing 18.98%. This sharp drop was catalyzed by a broader market downturn.
Selling pressure was weakening at press time, as WIF began to move upward. However, some market cohorts remained bearish, slowing the momentum of the potential rally.
On the path to a bounce back
According to one analyst, WIF appeared well-positioned for a potential rebound as it traded within a parallel channel.
A parallel channel represents a phase where the price fluctuates between defined zones of support and resistance. At the time of writing, WIF had reacted to the support level and was trending higher.
However, the chart pattern suggested that extended consolidation may continue near the lower support level before a significant move to the upside.
If WIF can break out of this phase, its next target would be a new high of $5, a level last reached in November 2024.
For now, market sentiment is mixed, with some participants favoring an upward move while others anticipate a potential downtrend.
Buyers keeping WIF steady
WIF has seen a gradual increase in its Funding Rate over the past eight hours, standing at 0.0044% at press time.
A positive Funding Rate indicates that the market is favoring long-position traders, with this group paying a premium
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Author: Olayiwola Dolapo
