Metrics have indicated a potential price reversal for WIF, which saw a significant decline of 35.95% from its recent all-time high. Historically, bullish flag patterns suggest that the price might resume its upward trend after the current correction phase. Additionally, the stochastic RSI is in an oversold position, increasing the likelihood of a price reversal. On-chain data also shows that large wallets have been increasing their positions during the pullback.
saw a massive 35.95% decline from its recent all-time high, dropping to its current trading price of $3.0673 at press time.Source: TradingviewHistorically, bullish flag patterns are continuation patterns. This suggests the prior WIF bullish run will likely resume after the correction phase is completed.
The recently broken upper trendline of the flag could now act as a support level. This may potentially launch the next rally. With WIF approaching this key support zone, a bounce from this level could signal the start of the next upward movement. Additionally, the stochastic RSI is at an oversold position. This increases the likelihood of a reversal after the ongoing price corrections.Interestingly, our analysis of the on-chain data reveals that wallets holding over 5 million WIF have continued to increase their positions during this pullback.
This suggests that large institutional investors see value in the memecoin at these levels and are actively accumulating the token.Despite the recent pullback, Dogwifhat’s social volume has generally increased since the beginning of November, indicating sustained interest and engagement from the crypto community.
However, the social mentions have declined in the last 3 days. This could signal a short-term correction for the memecoin before resuming its overall positive trajectory.Besides, the WIF Long-Short Ratio has not dropped significantly, suggesting that traders are still more inclined to open long positions rather than short the asset.These positive sentiments suggest that the bullish sentiment around WIF remains strong, even during the current correction phase.
WIF PRICE REVERSAL BULLISH FLAG STOCHASTIC RSI ON-CHAIN ANALYSIS
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