- The range of $ 0.55 was marked as a critical resistance on multiple fronts.
- For Dogwifhat, the purchasing pressure in recent days was not strong enough to indicate a trend removal.
The Memecoin market saw some lighting in the last 24 hours of trade. At the time of the press, Mint market cap Data showed that the meme sector saw an increase of almost 2% in market capitalization and an increase of 8.5% in daily trade volume.
This came after a bitcoin [BTC] Buiter further than the resistance of $ 82.5K on 11 April.
Dogwifhat [WIF] Sayed 9% in 24 hours, but it still had a bearish look at the higher timetables. The Solana [SOL] -Based meme followed the 18% of SOL’s 18% higher in the past three days.
Should WIF traders expect the momentum to be sustained in the coming week?
Traders would probably be more profitable than buying Wif
Source: Wif/USDT on TradingView
Despite the recent profit, Dogwifhat worked under a bearish structure on the daily map, like many other altcoins. The losses in recent weeks were too serious to recover, and traders and investors would better abandon sales options.
Technical analysis helped to limit where those opportunities can occur.
The bearish order block marked, the bearish order block coincided with the 50% Fibonacci retracement level, set out on the basis of the downward trend of the past six weeks. It also had confluence with the upper Bollinger band.
The A/D indicator saw a bouncing in April, but could not climb above the recent high set in the third week of March. This showed some purchasing pressure, but no dominance of them.
The CMF was more destructive. It has been the majority of the past three months under -0.05. Together, the volume indicators underline the steady sales pressure and the lack of bullish force.
Traders can use the region of $ 0.5- $ 0.55 to sell WIF.
The 1-month liquidation heating showed that the area of $ 0.45- $ 0.47 was filled with short liquidations. After sweeping this level, WIF Bulls could maintain the prices above $ 0.42, instead of seeing their winnings quickly. The BTC price movement higher could influence the market sentiment.
The construction of liquidity around $ 0.48- $ 0.5 marked it as a short-term objective. Further north, the level of $ 0.6 was the next remarkable liquidity pocket. Given the confluence of resistors around $ 0.55 and a weak question, an outbreak seemed unlikely.
If WIF can consolidate around $ 0.46 for the next 24-48 hours, the liquidity of around $ 0.5 would probably get thicker. This scenario of WIF consolidation in the next day, followed by a price bounce and a bearish reversal afterwards, the most likely outcome appeared in the short term.
Traders who want the memecoin have to fall short of $ 0.5- $ 0.55, as well as the BTC trend to determine whether selling would be a feasible option or not.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer
