WIF Price Today: Bullish Setup or Bear Trap? Experts Weigh In
WIF Price Today – The popular memecoin dogwifhat (WIF) has begun showing signs of recovery after a sharp 24% correction that saw its price drop from $1.12 to $0.85 over a two-day span. This decline coincided with a broader market setback, as Bitcoin (BTC) dropped from $108,000 to $104,000 toward the end of May.
In the past 24 hours, Bitcoin rebounded slightly, rising from $103.8k to $106.5k, a modest 2.5% increase. This uptick gave the crypto market a brief respite, with CoinMarketCap reporting a 3.1% gain in the memecoin sector, aiding WIF’s short-term recovery.
Bullish Structure Holds Despite Lower Timeframe Weakness
Despite recent volatility, WIF’s 1-day chart maintains a bullish swing structure, with price action still above the previous range highs of $0.77 formed during March and April. The 20-day and 50-day moving averages (MAs) also reflect a continuation of bullish momentum.
The latest dip nearly tested the 50-day MA as support and has since begun to bounce. However, a concerning sign is the decline in trading volume over the past two weeks. This suggests waning buying pressure, which could lead to sideways movement or a slow decline unless BTC drops below the key $102.8k level.
Lower Timeframes Show Selling Pressure
The 4-hour chart (H4) paints a more cautious picture. WIF broke below a three-week-old range between $0.93 and $1.21, driven by selling pressure evident in the Accumulation/Distribution (A/D) indicator, which trended downward at the end of May.
Currently, WIF is testing the 50-period MA on the H4 timeframe. A successful reclaim of this level could open the path toward a move back to the range high at $1.21. This zone may offer swing trading opportunities, especially for traders watching for a retest with improved volume.
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.
