WIF Price Correction Deepens With Key Support at $2.19 in Focus
Dogwifhat (WIF) price reached its highest level since March 2024 earlier this month, rising a whopping 1,386% this year. However, as bearish signals intensified, WIF faced a pullback, falling about 11% in the past 24 hours.
Momentum indicators such as Ichimoku Cloud and ADX are showing a strong bearish trend, with sellers firmly in control of the market. Whether WIF can hold key support levels or regain enough strength to test resistance zones will determine its short-term trajectory.
dovivhat Ichimoku chart shows strong bearish environment
Wireless IF The Ichimoku Cloud chart shows a clear bearish trend as price has broken below the Kumo Cloud and all major Ichimoku components. The conversion line (blue) has crossed below the baseline (red), forming a bearish signal. The lag span shown in green is also significantly lower than the price, indicating strong downward momentum.
Price action has been making lower highs and lower lows since early December, with the latest move showing a sharp bearish decline.
In early December, the cloud structure changed from a supportive green bullish cloud to a red bearish cloud, with Leading Span A (red) crossing below Leading Span B (orange). The color change and expansion of this cloud indicates increasing bearish pressure.
The fact that the price is well below the cloud and that all Ichimoku components are above current price (conversion line, baseline and both cloud spans) suggests that the strong bearish trend may continue unless price is able to at least reclaim the conversion line levels.
Wireless IF ADX shows that the current downtrend is strengthening
Wireless IF ADX is currently at 38, up from 36 yesterday, indicating a strong and growing trend. However, with WIF in a downtrend, the rise in ADX suggests that bearish momentum is building. This suggests that the downward trend may continue as sellers still dominate the market.
ADX (Average Directional Index) measures the strength of a price trend but does not indicate its direction. An ADX above 25 indicates a strong trend, while a reading below 20 indicates a weak or no-trend market.
and dog wiffle hat ADX sits at 38 and is currently in a downtrend, and unless there is buying activity to offset the bearish momentum, the price is likely to fall further in the short term. If the seller insists wireless price There may be continued declines before stabilizing.
Dogwifhat Price Prediction: Can WIF Return to $4 Before 2025?
Wireless IF The EMA lines are currently showing a bearish pattern, with the short-term EMA below the long-term EMA. This setup suggests continued downward pressure, with WIF likely to test support at $2.19.
If this level cannot be maintained, wireless price Further losses are possible, possibly hitting $1.88 as the next important support level.
On the other hand, if wireless price If it manages to reverse the downtrend and resume positive momentum, it could challenge the $2.91 resistance.
A successful break above this level could pave the way for further gains, with a price target of $3.47, or even $4 if the uptrend strengthens.
Disclaimer
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