By cryptoadmin 
Story Highlights
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The WIF has failed to carry its vital golden Fibonacci degree and the help of the 200 EMA.
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WIF might decline by 23% to achieve the subsequent help degree at $2 if it closes a every day candle beneath the $2.56 degree.
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On-chain metrics revealed that exchanges have witnessed $10 million value of WIF inflows, indicating a promoting strain.
Dogwifhat (WIF), the favored Solana-based meme coin, is poised for a value decline as its every day chart flashes a bearish sign. Nevertheless, token holders look like dumping their holdings on exchanges, as reported by the on-chain analytics agency Coinglass.
Dogwifhat (WIF) Technical Evaluation and Upcoming Degree
At this time, December 18, 2024, the general cryptocurrency market is witnessing a value decline. Amid this, some belongings appear to be consolidating in a decent vary, whereas others fail to carry essential ranges.
Supply: Buying and selling View
The WIF meme coin has failed to carry its vital golden Fibonacci degree and the help of the 200 Exponential Shifting Common (EMA) on the every day timeframe.
In accordance with CoinPedia’s technical evaluation, this breakdown has shifted the meme coin right into a bearish pattern. Primarily based on the current value motion, if WIF closes a every day candle beneath the $2.565 degree, there’s a sturdy risk it might decline by 23% to achieve the subsequent help degree at $2.
$10 Million Value of WIF Influx
This bearish outlook is additional supported by the on-chain analytics agency Coinglass. Information from WIF’s spot influx/outflow metrics revealed that exchanges have witnessed a big $10 million value of WIF inflows prior to now 48 hours.
Supply: Coinglass
This substantial influx signifies a bearish signal for holders, as influx refers back to the motion of belongings from whale wallets to exchanges, exhibiting an absence of curiosity in holding. This might lead to promoting strain and additional value decline.
When combining these on-chain metrics with the technical evaluation, it seems that bears are at present dominating the meme coin, which might help brief sellers in reaching a 23% value decline sooner or later.
Present Worth Momentum
At press time, WIF is buying and selling close to $2.52 and has skilled a value decline of over 12% prior to now 24 hours. Throughout the identical interval, the meme coin’s buying and selling quantity jumped by 24%, indicating heightened participation from merchants and traders in comparison with earlier days, as they could be safeguarding their belongings.