- Dogwifhat has traded within a descending channel since the end of May.
- If the memecoin’s bulls fail to defend the support level, its value may plunge further.
Dogwifhat [WIF] may be poised for a rebound as it falls toward the lower line of its descending channel.
The popular dog-themed memecoin has trended in a descending channel since 29th May after it closed at $3.67. Exchanging hands at $2.44 at press time, WIF’s price has since declined by 34%.
The bulls and bears must slug it out
When a descending channel is formed, it is a bearish sign that connotes sustained selling pressure.
The upper line of this channel acts as resistance, while the lower line represents support. For WIF, it has faced resistance at $4.10 and has found support at the $2.08 price level.
When an asset’s price falls toward the lower line of the descending channel, it is approaching a level where it previously found support, and the bulls may step in to defend this level.
If the bulls are successful and the support level holds, the asset’s price may rebound toward the upper line at resistance. However, if the support line is breached, it suggests a continuation of the bearish trend, leading to a further decline in an asset’s value.
The WIF market has a significant bearish presence. For example, readings from its Directional Movement Index (DMI) showed its positive directional index (green) resting below its negative index (red).
This confirmed that selling pressure outpaced buying activity among the meme coin holders.
Further, WIF’s Elder-Ray Index has returned only negative values since 7th June. At press time, the indicator’s value was -0.75.
This indicator measures the relationship between the strength of WIF buyers and sellers in the market. When its value is negative, bear power dominates the market.
WIF’s Aroon Down Line was 100%, confirming the strength of the current downtrend. The Aroon indicator identifies an asset’s trend strength and potential reversal points in its price movement.
When an asset’s Aroon Down line is close to 100, it indicates that the downtrend is strong and that the most recent low was reached relatively recently.
Source: TradingView
Read dogwifhat’s [WIF] Price Prediction 2024-25
If this downtrend continues, WIF may breach support to trade at $1.93.
Source: TradingView
However, if the bulls successfully defend the support level and WIF witnesses a rebound, its price may rally toward $2.70.
- Dogwifhat has traded within a descending channel since the end of May.
- If the memecoin’s bulls fail to defend the support level, its value may plunge further.
Dogwifhat [WIF] may be poised for a rebound as it falls toward the lower line of its descending channel.
The popular dog-themed memecoin has trended in a descending channel since 29th May after it closed at $3.67. Exchanging hands at $2.44 at press time, WIF’s price has since declined by 34%.
The bulls and bears must slug it out
When a descending channel is formed, it is a bearish sign that connotes sustained selling pressure.
The upper line of this channel acts as resistance, while the lower line represents support. For WIF, it has faced resistance at $4.10 and has found support at the $2.08 price level.
When an asset’s price falls toward the lower line of the descending channel, it is approaching a level where it previously found support, and the bulls may step in to defend this level.
If the bulls are successful and the support level holds, the asset’s price may rebound toward the upper line at resistance. However, if the support line is breached, it suggests a continuation of the bearish trend, leading to a further decline in an asset’s value.
The WIF market has a significant bearish presence. For example, readings from its Directional Movement Index (DMI) showed its positive directional index (green) resting below its negative index (red).
This confirmed that selling pressure outpaced buying activity among the meme coin holders.
Further, WIF’s Elder-Ray Index has returned only negative values since 7th June. At press time, the indicator’s value was -0.75.
This indicator measures the relationship between the strength of WIF buyers and sellers in the market. When its value is negative, bear power dominates the market.
WIF’s Aroon Down Line was 100%, confirming the strength of the current downtrend. The Aroon indicator identifies an asset’s trend strength and potential reversal points in its price movement.
When an asset’s Aroon Down line is close to 100, it indicates that the downtrend is strong and that the most recent low was reached relatively recently.
Source: TradingView
Read dogwifhat’s [WIF] Price Prediction 2024-25
If this downtrend continues, WIF may breach support to trade at $1.93.
Source: TradingView
However, if the bulls successfully defend the support level and WIF witnesses a rebound, its price may rally toward $2.70.
order clomid prices buy clomiphene without dr prescription cost cheap clomiphene online cost of generic clomid get clomid prices order clomid prices where can i buy cheap clomiphene tablets
This is a keynote which is forthcoming to my callousness… Many thanks! Faithfully where can I lay one’s hands on the acquaintance details due to the fact that questions?
Facts blog you possess here.. It’s intricate to find great status belles-lettres like yours these days. I really comprehend individuals like you! Go through vigilance!!
order zithromax 500mg – cheap ciprofloxacin 500mg order metronidazole 200mg generic
semaglutide pills – semaglutide for sale cyproheptadine 4mg drug
buy cheap motilium – buy sumycin without prescription buy generic cyclobenzaprine
buy propranolol paypal – methotrexate 10mg canada methotrexate where to buy
amoxicillin online order – combivent 100 mcg generic combivent drug
brand zithromax 250mg – zithromax 250mg us order bystolic 5mg
augmentin over the counter – https://atbioinfo.com/ buy generic ampicillin
buy nexium tablets – nexiumtous purchase esomeprazole sale
coumadin pill – coumamide.com losartan 50mg pills
mobic 15mg usa – relieve pain order mobic 15mg pills
deltasone 10mg tablet – https://apreplson.com/ order prednisone 20mg generic
buy ed pills canada – where can i buy ed pills generic ed drugs
order cenforce 50mg sale – site cheap cenforce 50mg
how much does cialis cost at walgreens – https://ciltadgn.com/# tadalafil daily use
cialis free trial voucher 2018 – https://strongtadafl.com/ buy voucher for cialis daily online
buy zantac pills – site cost zantac 150mg
buy viagra online new zealand – buy viagra nz sildenafil 50 mg tablet
This is a theme which is forthcoming to my fundamentals… Many thanks! Quite where can I upon the contact details in the course of questions? site
Thanks an eye to sharing. It’s acme quality. prednisone without prescription
Facts blog you have here.. It’s obdurate to find high calibre article like yours these days. I really respect individuals like you! Withstand mindfulness!! https://ursxdol.com/furosemide-diuretic/
With thanks. Loads of knowledge! https://prohnrg.com/product/omeprazole-20-mg/
More posts like this would prosper the blogosphere more useful. https://aranitidine.com/fr/en_ligne_kamagra/
More articles like this would frame the blogosphere richer. https://ondactone.com/simvastatin/