Dogwifhat's Market Turbulence: What Lies Ahead for the Crypto?
Dogwifhat's Market Turbulence: What Lies Ahead for the Crypto?
Dogwifhat crypto has breached a bearish flag channel on the daily chart, signaling a potential continuation of the downtrend.
The WIF token experienced a significant 15% decline over the past week, reflecting intense bearish momentum.
While the overall market has shown signs of improvement recently, Dogwifhat crypto has not mirrored this trend and continued to drop lower. Over the past week, WIF crypto observed a significant downturn, dropping by more than 15%, making it one of the worst-performing assets of the week.
At the time of writing, the WIF crypto was exchanging hands at $2.51 reporting a swift intraday gain of 0.56%. with a market capitalization of 2.56 Billion USD, it claims to be 45th largest by valuation in the crypto ecosystem.
Given the market's current trajectory towards recovery, it's worth reevaluating Dogwifhat's potential to capitalize on the market's positive mood and stage a comeback, or whether it will continue its downward trend in the forthcoming trading sessions.
The Weighted Sentiment Turns Bearish: Can WIF Crash More?
The chart illustrates the varying sentiments be it positive, negative, and the aggregate weighted sentiment associated with WIF cryptocurrency over a certain timeframe. As per the chart, the weighted sentiment trajectory is trending downward, suggesting a bearish outlook and signaling a heightened possibility of a price drop.
<iframe title="Santiment Chart: Negative sentiment (Total) (WIF), Positive sentiment (Total) (WIF), Weighted sentiment (Total) (WIF)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=dogwifhat&pt=WIF&df=2023-12-29T00%3A00%3A00.000Z&dt=2024-05-13T18%3A29%3A59.391Z&emcg=1&emhwm=1&wm=sentiment_negative_total%3Bsentiment_positive_total%3Bsentiment_volume_consumed_total&wax=0%3B1%3B2&wc=%23FF5B5B%3B%23FFCB47%3B%235275FF&ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
The sentiment chart provides insight into the prevailing mood of traders and investors, be it optimistic, pessimistic, or neutral. It presents a comprehensive view of the sentiments, both positive and negative, as well as the overall weighted sentiment surrounding the cryptocurrency.
Can WIF Crypto Recover or Crash More?
The recent closing of the WIF crypto on the daily chart has validated the collapse of the recovery channel, suggesting that the price could further decline to the next support level at $2.2 before any potential rebound.
The technical indicators imply a pessimistic forecast, with the price falling below the 50-day Exponential Moving Average, which now acts as a dynamic obstacle. At the moment, the Relative Strength Index (RSI) stands at 42.8 points, and the Simple Moving Average (SMA) is at 48 points.
Moreover, Both the RSI and SMA lines have retreated beneath the average line, signaling a bearish sentiment. Moreover, the occurrence of a bearish crossover underscores the persistence of selling pressure.
Conclusion.
Despite the broader market's recovery, Dogwifhat crypto continues to struggle, plunging over 15% last week, ranking it among the poorest performers. At the time oof writing, the crypto was exchanging hands at $2.51. the Sentiment analysis shows a bearish trend, increasing the likelihood of further price drops.
Furthermore, The recent daily chart closure indicates a potential fall to the $2.2 support level. Technical indicators, with RSI placed at 42.8 and SMA at 48 points, along with a bearish crossover, suggest ongoing selling pressure and a negative outlook.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Dogwifhat crypto has breached a bearish flag channel on the daily chart, signaling a potential continuation of the downtrend.
The WIF token experienced a significant 15% decline over the past week, reflecting intense bearish momentum.
While the overall market has shown signs of improvement recently, Dogwifhat crypto has not mirrored this trend and continued to drop lower. Over the past week, WIF crypto observed a significant downturn, dropping by more than 15%, making it one of the worst-performing assets of the week.
At the time of writing, the WIF crypto was exchanging hands at $2.51 reporting a swift intraday gain of 0.56%. with a market capitalization of 2.56 Billion USD, it claims to be 45th largest by valuation in the crypto ecosystem.
Given the market's current trajectory towards recovery, it's worth reevaluating Dogwifhat's potential to capitalize on the market's positive mood and stage a comeback, or whether it will continue its downward trend in the forthcoming trading sessions.
The Weighted Sentiment Turns Bearish: Can WIF Crash More?
The chart illustrates the varying sentiments be it positive, negative, and the aggregate weighted sentiment associated with WIF cryptocurrency over a certain timeframe. As per the chart, the weighted sentiment trajectory is trending downward, suggesting a bearish outlook and signaling a heightened possibility of a price drop.
<iframe title="Santiment Chart: Negative sentiment (Total) (WIF), Positive sentiment (Total) (WIF), Weighted sentiment (Total) (WIF)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=dogwifhat&pt=WIF&df=2023-12-29T00%3A00%3A00.000Z&dt=2024-05-13T18%3A29%3A59.391Z&emcg=1&emhwm=1&wm=sentiment_negative_total%3Bsentiment_positive_total%3Bsentiment_volume_consumed_total&wax=0%3B1%3B2&wc=%23FF5B5B%3B%23FFCB47%3B%235275FF&ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
The sentiment chart provides insight into the prevailing mood of traders and investors, be it optimistic, pessimistic, or neutral. It presents a comprehensive view of the sentiments, both positive and negative, as well as the overall weighted sentiment surrounding the cryptocurrency.
Can WIF Crypto Recover or Crash More?
The recent closing of the WIF crypto on the daily chart has validated the collapse of the recovery channel, suggesting that the price could further decline to the next support level at $2.2 before any potential rebound.
The technical indicators imply a pessimistic forecast, with the price falling below the 50-day Exponential Moving Average, which now acts as a dynamic obstacle. At the moment, the Relative Strength Index (RSI) stands at 42.8 points, and the Simple Moving Average (SMA) is at 48 points.
Moreover, Both the RSI and SMA lines have retreated beneath the average line, signaling a bearish sentiment. Moreover, the occurrence of a bearish crossover underscores the persistence of selling pressure.
Conclusion.
Despite the broader market's recovery, Dogwifhat crypto continues to struggle, plunging over 15% last week, ranking it among the poorest performers. At the time oof writing, the crypto was exchanging hands at $2.51. the Sentiment analysis shows a bearish trend, increasing the likelihood of further price drops.
Furthermore, The recent daily chart closure indicates a potential fall to the $2.2 support level. Technical indicators, with RSI placed at 42.8 and SMA at 48 points, along with a bearish crossover, suggest ongoing selling pressure and a negative outlook.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.