WIF Set for Major Downtrend After Recent Correction: Bearish Trend Ahead?
- WIF shows signs of a potential bearish reversal after five green weeks with lower volume.
- The recent correction appears to be over, and WIF may resume its prior downtrend.
- Investors are bracing for further declines as WIFs trading volume continues to fall.
Dogwifhat (WIF) a popular cryptocurrency may be set to fall from its current price following a recent correction. The crypto, which reached its all-time high in the last week of March 2024, has made a comeback but the indications are not favorable for this to continue.
On Thursday in an X post, Alan Santana noted that WIF has had five straight green weeks and all of them have had lower trading volume. This pattern that is typical of an inverted correction indicates that the upward movement may be coming to an end. Contrary to further growth, the cryptocurrency now looks as if it is on the verge of returning to the bearish trend it had prior to the recent bounce.
WIF Trends Shift
The analysis also showed that the price of coin after March made a rounded bottom, followed by gradual increase for several weeks. However, this correction that briefly supported the market seems to have completed and may be followed by further decline. In the past, markets usually change direction after corrections, and this may be the same with cryptocurrency and it may follow the previous downward trend.
The broader picture suggests that the downtrend that begins in March 2024 will be the primary direction of WIFs course. Even though there is a slight positive change during the correction phase the overall trend is negative. Experts are more likely to see the bearish mood again when the market comes closer to the next stage of this cycle.
Falling WIF Support
Another important factor that has been mentioned in the analysis is a decrease in trading volume in the recent weeks. Lower turnover is a sign of decline in the level of support for price increase, which may mean that the recovery was not very strong. This could be seen as the initial stage of a larger price decline. At the time of writing ,WIF is trading at $2.48 and has dropped by 4.28% in the last 24 hours.
Source: TradingView
Investors and traders have their eyes on coin as the market begins to enter a new period of uncertainty. While some people thought that the correction would pave the way for more growth, the tendencies suggest that the losses will continue.
Since the beginning of WIFs downtrend, the crypto community has engaged in discussions that focus on whether the market will remain bearish or further decline. At the moment, traders are ready for different scenarios in the next several weeks.
Read more: https://www.tronweekly.com/wif-set-for-major-downtrend-after-recent/
Text source: TronWeekly
