WIF price likely to crash 16% as bears gain momentum

Source Fxstreet
  • Dogwifhat price broke the key daily support level at around $3.182.
  • WIF price could have a relief rally to fill the imbalance, stretching from $3.152 to $2.888.
  • A daily candle stick close above $3.182 would invalidate the bearish thesis.

Dogwifhat (WIF) price gave a bearish outlook after breaking below its key support level at $3.182 on Friday. The Solana-based meme coin could have a dead cat bounce situation before continuing its bear market rally.

Dogwifhat price likely to have a dead cat bounce

Dogwifhat price plummeted by 20% after breaking below the daily support level of $3.182 on Friday. This Solana-based meme coin may experience a dead cat bounce, a brief and sharp price increase during an overall downtrend. This relief rally could address 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% crash and retest the daily support level at $2.525.

Supporting this theory of a potential upward draft 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 might ease temporarily, allowing for a relief rally before the WIF price resumes its downward trend.

WIF 4-hour chart

WIF 4-hour chart

However, if a WIF daily candlestick closes above the $3.182 level, it will create a higher low on the daily chart, signaling a bullish market structure. This development would invalidate the bearish outlook and could trigger a potential 6% rally, reaching a daily high of $3.357 from June 7.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Ignoring Strategy Reduction Warning, Bitcoin Nears $82,000, Hitting Highest Price Since FebruaryTradingKey - Bitcoin prices continue to surge toward $82,000; however, will MicroStrategy's sell signal trigger a Bitcoin price crash?On May 6, although the largest Bitcoin holder, MicroStrategy ( MST
Author  TradingKey
11 hours ago
TradingKey - Bitcoin prices continue to surge toward $82,000; however, will MicroStrategy's sell signal trigger a Bitcoin price crash?On May 6, although the largest Bitcoin holder, MicroStrategy ( MST
placeholder
WTI slumps to near $97.50 as Trump pauses Hormuz operationWest Texas Intermediate (WTI), the US crude oil benchmark, is trading around $97.50 during the early Asian trading hours on Wednesday. The WTI price falls amid easing tensions in the Middle East.
Author  FXStreet
19 hours ago
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $97.50 during the early Asian trading hours on Wednesday. The WTI price falls amid easing tensions in the Middle East.
placeholder
WTI Oil pulls back as Hormuz supply worries ease, Iran-US tensions keep volatility highWest Texas Intermediate (WTI) trades around $101.10 on Tuesday, down 1.26% at the time of writing, after posting strong gains the previous day amid escalating geopolitical tensions in the Middle East.
Author  FXStreet
Yesterday 10: 32
West Texas Intermediate (WTI) trades around $101.10 on Tuesday, down 1.26% at the time of writing, after posting strong gains the previous day amid escalating geopolitical tensions in the Middle East.
placeholder
Crypto Overview: Toncoin, Terra Classic rise by double digits as Bitcoin grips $80,000Bitcoin (BTC) rises above $80,000 at press time on Tuesday, triggering a broader market recovery despite the US-Iran ceasefire at risk as tensions resurface. Toncoin (TON) and Terra Classic (LUNC) are leading the market recovery with double-digit gains over the last 24 hours.
Author  FXStreet
Yesterday 09: 01
Bitcoin (BTC) rises above $80,000 at press time on Tuesday, triggering a broader market recovery despite the US-Iran ceasefire at risk as tensions resurface. Toncoin (TON) and Terra Classic (LUNC) are leading the market recovery with double-digit gains over the last 24 hours.
placeholder
Australian Dollar holds losses ahead of RBA policy decisionAUD/USD extends its losses for the second successive day, trading around 0.7160 during the Asian hours on Tuesday. Traders expect the Reserve Bank of Australia (RBA) to deliver an interest rate hike later in the day.
Author  FXStreet
Yesterday 01: 34
AUD/USD extends its losses for the second successive day, trading around 0.7160 during the Asian hours on Tuesday. Traders expect the Reserve Bank of Australia (RBA) to deliver an interest rate hike later in the day.
goTop
quote