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- The whale activity has raised speculation about the potential twist of WIF due to the fall on the market.
- WIF consolidated in the bull’s flag while testing the key levels of support at $ 0.80.
A wallet that has drank two years has moved 6.5 million WIF, worth $ 5.21 million, from Binance, causing speculation about its impact on Dogwifhat (WIF) market.
This unexpected whale activity has asked questions about whether it indicates the start of a significant market displacement or is just a temporary event.
Traders now watch WIF closely WIF’s price of action to determine the next direction for token. Can this sudden movement indicate a bigger shift in the market or is it just a one -time event?
Key Support Level Testing
WIF has entered the overturned territory, currently testing a critical support level of $ 0.80. After losing $ 1.40, the price recorded a sudden drop and extended from $ 0.64.
The relative strength index (RSI) indicates that the token has remained exaggerated, suggesting the potential for a reversal. However, true price recovery will require WIF to return resistance levels of $ 1.10.
At the time of writing, Token was combined as part of the flag flag form, often seen before breaking through, but the next market moves will depend on whether the support will withstand $ 0.80.
Source: TraringView
Social domination: It is constantly growing after falling
Social domination for WIF is constantly increasing after reaching lower levels. This increase in social memorials indicates an increasing interest of retail investors, which could stimulate the price of token.
However, although the increase in social domination can be correlated with the movement of prices, it is uncertain whether that attention will be converted into a permanent pressure from buying.
Traders will have to watch if this increase in mention leads to the real momentum of the market or fade as quickly as developing.
Source: Santiment
Bull indicators in the middle of a descent
Storytelling RSI shows signs of bull deviations, hinting at a potential turnaround. This technically indicator suggests that WIF can be prepared for a bounce, although it will require further confirmation.
In addition, moving average (ma) cross between 9-piradi and 21-perioda provides a mixed signal.
Although it indicates some recovery, the market must see the consistent price of actions above $ 0.80 to confirm the turnaround.
Source: TraringView
Liquidations and open interest reflect caution
The market mood for WIF remains mainly a bear. Token recorded more than $ 1.78 million in total liquidations, and most come from short positions. In addition, open interest (OI) decreased by 5.79%, signaling the reduced enthusiasm of the merchant.
This cooling of interest reflects market uncertainty and caution, as traders remain hesitant to take strong positions in any case.
Source: COINGLAS
WIF faces a key recovery test
Wif is at a key moment. Although whale activity and technical signals show the potential for a reversal, it will be necessary to return the key resistance level.
Read Dogwifhat’s Price Predict 2024-2025
Social dominations and Stoch RSI indicate some promise, but the overall mood of the market remains cautious.
Traders will have to closely monitor the price action in the coming days to see if WIF can mount a recovery or continue their upward trend.
