WIF has posted losses of close to 21% since the $3.68 high it set on Monday- is this an early sign of further price drops for the meme coin?
The month-long range extended from $2.24 to $3.56. The start of the week saw a WIF rejection at the range highs. The OBV was also unable to breach the local highs and trend higher.
The 6-hour session close below this level in recent hours meant that the bears will likely win this battle and force a move toward the $2.4 support region.In the short term, we may see a bounce to the $3.1-$3.2 region to fill the imbalance left during the swift losses of the past 24 hours.AMBCrypto reviewed the data from Coinalyze and found that the move to $3.68 on Monday the 6th of May lacked bullish conviction.
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