The market structure and momentum on the daily chart are bearish. There is evidence of buying pressure over the past ten days.
Over the past week, as Bitcoin (BTC) dropped below the $60,000 mark, dogwifhat (WIF) has experienced turbulence on the price chart. A technical analysis report by AMBCrypto at the time indicated a clear bearish trend for WIF, but anticipated a rebound to $2.3.
On Tuesday, July 2, meme coin reached the $2.37 mark. Since then, the bears have once again pushed the price lower. Will we see a continuation of the downtrend, or will the bulls disrupt the situation over the weekend?
Potential for a short-term range within an older range
Over the past two weeks, the price has fluctuated between $1.5 and $2.34, following the three-month purple range between $2.26 and $3.58. As of the time of writing, the RSI indicates a bearish momentum, with a reading of 45.
The CMF is fluctuating below -0.05, suggesting that selling pressure is dominant, but the bulls pose some threat and may successfully change the situation.
The daily price trend remains firmly bearish, with the possibility of forming a new low and dropping to $1.26. Nevertheless, the levels of $1.5 and $2.34 may establish another range. Unless these levels are broken, traders should expect this range to continue.
Price decline brings hope for buyers
The spot CVD has been declining until the last week of June. However, it soon turned around and began to rise.
Over the past week, the CVD index has seen a slight decline, but at the time of writing, the indicator has started to recover.
Here is the market value of WIF calculated in terms of BTC
Finally, the open interest rates indicate that during the uptrend in WIF price, the bulls are not afraid to bid. If an upward trend is established, this bravery may be rewarded. However, based on the evidence at hand, neither the bulls nor the bears seem to have an advantage in the short term.
Disclaimer: The information provided does not constitute financial, investment, trading, or any other type of advice, and is solely the opinion of the author.
