Prolonged negative fluctuations in the altcoin market have led to an increase in investor sales, resulting in significant capital outflows. The Bitcoin price aimed for $60,000 again, but trading volume has significantly weakened.
WIF Coin Loses Ground
WIF Coin, the fourth largest meme coin by market value, has erased significant gains this month. Competitors such as DOGE, SHIB, and PEPE Coin have also weakened. This challenging period caused profitable investors to flee, fearing a bigger crash. DOGE eroded by 10% in the last 9 days, and WIF Coin eroded by 2% in 30 days. DOGE fell by 15%, while SHIBA Coin dropped by 23%.
Is WIF Coin at the Bottom?
In 9 days, nearly $7 million in long positions were liquidated for WIF Coin in futures trading. In contrast, short position liquidations were only $3 million. Investors who expected the rise to continue after August 9 were greatly disappointed. The volatile fluctuations in Bitcoin price dashed many investors’ hopes.
Technical Scenarios for WIF Coin
On the technical front, the Head and Shoulders formation brings the risk of a deep correction. If a downward break below the neckline, which is at $1.46, occurs with volume, the collapse could continue to $0.725. Conversely, if the neckline at $1.46 is reclaimed and closes above the $1.48 to $1.69 range, the bearish setup could be invalidated.
Investors continue to monitor developments in the altcoin market, assessing influencing factors. Technical indicators and market sentiment will play a key role in the future price dynamics.
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