WIF struggles in a stagnant market: Bearish sentiment looms

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dogwifhat traded within a range and its long-term outlook was not yet bullish. The price action remained bearish and demand was weak.

Buying pressure has been weak and speculators were not convinced that WIF would rally. Hence, dogwifhat investors must exercise patience. Should they look to buy the coming dip, or will their fortunes change soon?WIF continued to trade within the six-week range highlighted in purple. The range extended from $2.25 to $3.58.

The Fibonacci retracement levels underlined the $2.57 level as critical support, but it has been breached in the past six months. This is why the bearish bias on the longer timeframe still held sway. The RSI was also below neutral 50 at press time, serving as an early sign that momentum was downward. The CMF was at -0.16 to indicate significant selling pressure.

This indicated that some short sellers were entering the market, but it was not overwhelming since the funding rate was not negative. It reflected bearish sentiment. The spot CVD had also been in decline.

 

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