WIF, a top performing cryptocurrency in 2024, faces a potential decline as a 'death cross' pattern emerges on its chart. The Relative Strength Index (RSI) indicates oversold conditions, but traders remain largely bullish.
WIF was among the top performers in the cryptocurrency market in 2024. During the year, the memecoin rallied by more than 1,000%. However, the trend weakened in December after the price dropped by 42% during the month. At press time, WIF was trading at $1.77 after a 4% drop in 24 hours. The continued decline has led to a “ death cross ” appearing on the memecoin’s one-day chart. WIF ’s “ death cross ” emerged after the 50-day Exponential Moving Average (EMA) at $2.50 fell below the 200-day EMA at $2.
55.WIF’s death cross has formed above the current price, suggesting traders may have already priced in the bearish momentum. However, if the memecoin fails to maintain support at $1.72, a decline to the 1.618 Fibonacci level at $0.31 is likely. The Relative Strength Index (RSI) shows a surge in sell-side pressure, driving the downtrend. The RSI has dropped to 32, nearing oversold levels, and has been forming lower lows, indicating that buying pressure is insufficient to counter the selling pressure. An oversold RSI usually precedes a short-term price correction to the upside. However, if buyers remain hesitant, WIF could consolidate at the current range.Data from Coinglass shows that on the Binance exchange, there is a significantly higher number of long traders than short traders. In fact, 83% of traders on the exchange have opened long positions on WIF, which is the highest percentage in nearly a month.Given that funding rates have also remained positive, long traders are willing to pay a fee to maintain their positions. While traders are bullish about a trend reversal, many long positions could backfire. If a sudden price drop occurs, it could trigger a surge in liquidations. This would, in turn, push WIF prices lower.The drop in dogwifhat price has seen its market capitalization drop to $1.8 billio
WIF Death Cross Cryptocurrency Bearish Momentum Oversold RSI
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