Walrus (WAL) Shows No Signs of Reversal: Watch for Break Below $0.3784
- WAL is down 14.56%, trading at $0.4035, following Bitcoins broader market downturn.
- The price has dropped below MA20, MA50, and MA200, reinforcing bearish momentum.
- A rejection from $0.50 and a bearish engulfing pattern indicate strong selling pressure.
- Breaking below $0.4113 could trigger a deeper decline toward $0.3784.
Walrus (WAL) is experiencing a steep decline, currently trading at $0.4035, reflecting a sharp 14.56% drop over the past day. This downturn aligns with Bitcoins massive price decline, which has triggered a widespread sell-off across the crypto market.
Walrus Technical Breakdown: Bears in Full Control
From a technical perspective, Walrus has fallen below all major moving averages (MA20, MA50, and MA200), all of which are clustered around the $0.50 resistance zone. This suggests that any recovery attempt could face strong overhead pressure.
A bearish engulfing candlestick pattern has recently formed, reinforcing the downward trajectory. The rejection from the $0.50 psychological level further indicates that sellers are firmly in control. Additionally, trading volume has increased (1.07x ratio), confirming the strength of this bearish momentum.
The market structure shows lower highs and lower lows, with the price currently testing a critical support level at $0.4113. Meanwhile, the Relative Strength Index (RSI) has plunged to 0.00, signaling extreme oversold conditions. While this could set the stage for a short-term relief bounce, it is likely to be a countertrend move rather than a full reversal.
The immediate resistance stands at $0.4769, serving as a pivotal level for price action. A breakout above this point could signal a shift in momentum. A major resistance level is at $0.50, where all major moving averages are clustered. Overcoming this barrier may pave the way for further upside movement.
On the downside, $0.4113 is a critical support level. A break below this could trigger a deeper decline toward $0.3784, signaling increased bearish pressure.
Additionally, a Bollinger Band squeeze is forming, indicating an upcoming volatility expansion. Given the prevailing bearish sentiment, this is likely to favor further downside movement, unless a strong reversal signal emerges.
For now, Walrus remains firmly under bearish pressure, with sellers dominating the market. A decisive break below $0.4113 could open the floodgates for another wave of sell-offs, pushing the price closer to $0.3784 in the coming sessions.
Read More: Bitcoins 2025 Market Moves Show Strategic Accumulation, Not Random Growth
Read more: https://www.tronweekly.com/walrus-wal-shows-no-signs-of-reversal-watch-for-break-below-0-3784/
Text source: TronWeekly
