The price of World Liberty Financial (WLFI) token has seen a significant decline of 7% in the past 24 hours. This drop comes amid a substantial decrease in trading volume and attempts by the project to support confidence among token holders.
WLFI Price Decline
The price of WLFI has fallen to $0.2239 just a day after a sharp increase, where the token hit $0.46. Currently, the trading volume has dropped by 61%, amounting to $1.8 billion.
Community Reaction and Market Activity
The project announced the burning of 47 million tokens to show its support for holders and commitment to long-term success. However, social media sentiment is split; some traders praised the team's transparency, while others called for more news on partnerships and use cases. Many large wallets have initiated sell-offs, adding pressure to the WLFI price.
Technical Analysis of WLFI
WLFI has formed a tightening triangle pattern with support at $0.20 and resistance at $0.24. The RSI is currently at 38.80, indicating it is approaching the 'oversold' zone. In this situation, trading volume is low, and traders are waiting for the next catalyst for price movement.
The price of WLFI remains under pressure, and the project must show more than token burns to attract new buyers. Currently, the price is in a narrow range, and trading activity will depend on news and market changes.
