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The Dogwifhat price plummeted more than 11% in the last 24 hours to trade at $2.67.
The Dogwifhat Price Breaks Support
4-hour chart for WIF/USDT (Source: TradingView)
A detailed analysis of the technical indicators and movements for the Dogwifhat price suggests a bearish outlook in the short term. Over the past few sessions, the closing prices have shown a declining trend from $2.96 down to $2.686, indicating a potential bearish momentum gaining traction.
The Exponential Moving Averages (EMAs) further substantiate this view. The 9 EMA and the 20 EMA lines have been trending downwards with the recent values at $2.8767 and $2.9557, respectively, consistently below the latest closing price of $2.686. This positioning below both EMAs signifies a strong bearish signal, as the prices struggle to break above these resistance levels.
The Moving Average Convergence Divergence (MACD) analysis aligns with this negative outlook. The latest MACD readings show a widening gap between the MACD line (-0.0535) and the signal line (-0.0024), with an increasingly negative histogram value of -0.0511. This divergence indicates that the downward momentum is strengthening, confirming the bearish trend observed in the EMA figures.
On the Relative Strength Index (RSI), the current value stands at 37.43, which is close to the oversold territory but reflects the bearish sentiment as it is below the neutral 50 mark. This suggests that there might be a continuation of selling pressure.
Key Levels to Watch
In terms of critical trading levels, WIF is currently below the key resistance level of $3.0356. The next resistance levels to watch are $3.071 and $3.1535. On the downside, the support levels are positioned at $2.4589, followed by $2.3419 and $2.2938. Traders might consider these levels for potential entry and exit points. Given the bearish signals, a prudent strategy would be to look for short positions near resistance levels with a stop-loss above $3.0356, targeting the support levels. Conversely, any long positions should be approached with caution, and only if there is a strong reversal signal that pushes the price above the current EMAs and resistance levels.
The technical indicators and price analysis suggest that the Dogwifhat price might continue to face downward pressure in the near term. Traders should monitor the key resistance and support levels closely for potential trading opportunities. However, given the current bearish trend, entering long positions would require careful consideration of reversal signals and risk management strategies.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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