WIF Price Action: Will Whales and Smart Money Save the Token From Further Losses?
WIF Price– WIF has been struggling with a consistent downward trend for over a month, showing significant losses. In just the past week, WIF has dropped by 36.28%, signaling possible further declines in the near future.
Bearish Market Sentiment Continues
The last 24 hours reflect a bearish market as selling pressure continues to intensify. Despite the presence of whales and smart money trading, spot traders appear to be contributing to the price decline, with significant selling activity noted. According to AMBCrypto, spot traders seem to be behind the recent drops in WIF’s price, offloading their holdings at a loss.
Whales and Smart Money Keep WIF on Watch
Even with the price drop, whales—large holders of an asset’s supply—along with smart money traders, have been taking action to stabilize WIF. One notable move saw a whale purchasing 9.6 million WIF tokens, worth around $6.9 million, from Binance. Whale activity like this is often seen as a bullish sign, as they typically buy in at lower prices before a potential surge in value.
Stalkchain also confirmed that WIF remains one of the most bought tokens on the market over the past 24 hours. Smart money traders took advantage of this price drop, accumulating WIF tokens in large amounts.
However, despite this buying activity, there’s a chance the anticipated rally could take longer to materialize.
Profit-Taking and Spot Traders Fuel Selling Pressure
While whales continue to accumulate WIF, spot traders across various exchanges have been selling their tokens. According to Coinglass, in the past day alone, spot traders sold $930.6K worth of WIF after three days of significant buying, totaling $15.14 million in purchases. This could indicate a minor round of profit-taking before a potential rebound.
Could WIF Be Ready for a Bounce?
On the charts, there are signs that WIF may be preparing for a rebound. The price recently reached a key support level at $0.69, prompting an upward push that saw WIF rise to $0.74 at the time of writing. This positive movement aligns with the Relative Strength Index (RSI), which entered the oversold region but is now trending upwards, signaling increased buying activity across the market.
Typically, the oversold region indicates that sellers are exhausted and buyers are starting to dominate. If WIF continues to trend higher and breaks free from this zone, it could confirm that a higher high is on the horizon, setting the stage for a potential rally.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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