Sahana Vibhute
The crypto markets are jammed under strong bearish influence as the top tokens are heading towards their crucial support. Meanwhile, the memecoins are also suffering a similar price action, but the Solana-based memecoin, dogwifhat, is trying hard to sustain above the gains. With this, the WIF price is speculated to maintain a healthy ascending trend after triggering a rebound in the past few hours, due to which strong competition between the bulls and bears has begun.
The price is constantly forming lower high and low, displaying the growing strength of the bears. Besides, the selling pressure continues to prevail as the volume flows in the bearish favour which appears to be a great challenge for the bulls at the moment. The Bulls are trying hard to validate a rebound and in such case, a 20% upswing could be fast approaching. However, the technicals suggest a diverse action which indicates the WIF price is prone to an 8% drop before the next bullish spell.
As seen in the above chart, the WIF price has been trading along the descending trend line as the bulls have failed to breach the resistance. The token is stuck between the 50-day & 100-day MA while the MACD is preparing for a bearish crossover as the buying pressure fades. This move could drag the levels to the lower support zone between $2.16 and $2.28 which may attract a fresh bullish action.
The crypto market sentiments are not in favour of bulls at the moment, as the top tokens with huge trading volumes suggest the bulls are either becoming weak or remain passive, waiting for the right time to act. Therefore, a drop to the lower support is expected to attract the bulls, who may attract the volume required to trigger a rebound. With this, the possibility of a bullish rebound surfaces, elevating the levels back to $2.8, which may further lead to $3 by the end of the month.
