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The Dogwifhat price plummeted over 5% in the last 24 hours to trade at $2.42 at press time.
The Dogwifhat Price Breaks Support
4-hour chart for WIF/USDT (Source: TradingView)
In recent trading sessions, the Dogwifhat price has experienced notable fluctuations on the 4-hour chart, revealing interesting dynamics for traders. The closing prices have shown a volatile pattern, swinging from $2.4738 to $2.2938 before slightly recovering to $2.3936. These movements suggest a level of unpredictability in the short-term price direction of WIF.
The exponential moving averages (EMAs) provide deeper insight into the trend. The 9 EMA values, which have declined from $2.5575 to $2.4577, and the 20 EMA readings, decreasing from $2.6593 to $2.5711, both underline a bearish trend as prices remain below these averages. This could indicate potential resistance at these levels if the price attempts to ascend.
Focusing on the Moving Average Convergence Divergence (MACD), the indicator continues to show negative values with a slight increase in the negative histogram values over the recent period. The latest values suggest increasing bearish momentum, indicating that the downtrend might not be over.
The Relative Strength Index (RSI) has remained below the 50 threshold in recent periods, further confirming the bearish sentiment in the market. The latest reading at 41.09, after dipping to a low of 36.88, reflects weak buying pressure, reinforcing the current bearish outlook.
Regarding potential price movements, the support and resistance levels serve as crucial markers for traders. The current price is hovering near a key support level at $2.3419, with further support found at $2.2838 and $2.2567. If these levels fail to hold, further declines could be expected. Conversely, resistance levels at $2.6042 and a more significant one at $3.071 will challenge any bullish recovery attempts.
Possible Trade Ideas
Traders might consider these technical indicators for strategizing their entries and exits. A potential entry for a short position could be near resistance levels, particularly if the price shows rejection signs at these points. For long positions, a decisive break above the 9 EMA could serve as an entry signal, though caution is warranted given the prevailing downward pressure.
In conclusion, the technical indicators largely suggest a bearish outlook for WIF in the near term, with careful watching of the specified support and resistance levels for further trading cues. Traders should remain vigilant and responsive to any signs of reversal or continuation of the current trend.
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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