Can WIF Memecoin Reverse Its Slide After a 7% Drop?

• WIF drops 7%, topping losers chart with 37% volume decline.
• Whales accumulate $33.35 million in WIF, signalling market confidence.

WIF, a popular memecoin, has experienced significant volatility in recent days. After hitting a two-week high of $1.77 just two days ago, WIF is now trading at $1.56, reflecting a 7% decline. This drop has placed it at the top of today’s loser chart, with a notable 37% decrease in trading volume over the past 24 hours.

Despite the bearish trend, on-chain data from Lookonchain revealed that two whales have accumulated a substantial amount of WIF in the last two weeks. Whale addresses D2Noa1.. and 22Nt… have together purchased 20.58 million WIF tokens, valued at $33.35 million, from Binance and Bybit. This accumulation has sparked optimism among market participants, hinting at confidence in the token’s future.

Analysts suggest that current dips may present attractive buying opportunities. They note that when short-term declines occur during a broader upward trend, it often signals a local bottom, providing potential entry points for traders.

The memecoin market, however, remains under pressure. DOGE has dropped by 3%, SHIB by 2%, PEPE by 4%, and FLOKI by 4%, reflecting a sector-wide downturn. 

What is the Next Stop For WIF?

On the daily chart, WIF is clinging to a bullish trend despite the sell-off. The 9-day Exponential Moving Average stands at $1.579, while the Relative Strength Index (RSI) sits at 47, nearing oversold territory. Analysts predict resistance at $1.91 and $2.03 if bullish momentum returns. On the downside, WIF could drop to $1.46, with support at $1.29.

As WIF navigates this crucial phase, investors are closely monitoring its price movements to gauge whether it can maintain strength or face further declines in the coming days.

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