CoinWorld reports:
The market structure and momentum on the daily chart are bearish. There is evidence of buying pressure over the past ten days.
In the past week, with Bitcoin (BTC) falling below the $60,000 mark, dogwifhat (WIF) has experienced turbulence on the price chart. A technical analysis report from AMBCrypto at that time noted that the bearish trend of WIF was quite apparent, but a rebound to $2.30 was anticipated.
On Tuesday, July 2, the meme coin reached the $2.37 level. Since then, bears have pushed the price down again. Will we see a resumption of the downtrend, or will the bull market disrupt the situation over the weekend?
Potential for forming a short-term range under the older range
Over the past two weeks, the price has fluctuated between $1.50 and $2.34. This follows a three-month purple range between $2.26 and $3.58 after the meme coin fell below that range. As of the time of writing, the RSI indicates bearish momentum, with a reading of 45.
The CMF is wavering below -0.05. This indicates that selling pressure dominates, but bulls pose some threat and may potentially change the situation.
Daily price trends remain firmly bearish, with a possibility of forming new lows and dropping to $1.26. Nevertheless, the levels at $1.50 and $2.34 may establish another range. Traders should expect this range to continue unless these levels are broken.
Price decline brings hope to buyers
Spot CVD had been declining until the last week of June. However, it soon turned around and began to rise.
In the past week, the CVD index has retreated, but as of the time of writing, the indicator has started to recover from this retreat.
Whether or not this is the case, here is the market capitalization of WIF calculated in BTC terms
Lastly, open interest indicates that bulls are not afraid to bid during WIF price increases. If an upward trend is established, this courage may be rewarded. However, based on the available evidence, neither bulls nor bears seem to have the advantage in the short term.
Disclaimer: The information provided does not constitute financial, investment, trading, or other types of advice and is solely the opinion of the author