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The US stock market rises while crypto may not, but it can fall when stocks drop. This is inherent in the nature of cryptocurrencies. While gold positively diverges, BTC price relaxes along with stocks. Moreover, the recent ATH in stocks makes the decline normal, whereas crypto has been unable to escape the selling spiral for weeks.
Dogwifhat (WIF)
So, what is the situation with WIF Coin? On July 3, the price lost the lower line of the rising channel, experiencing a significant loss. The break of the rising channel at the beginning of July has caused the price to move within a horizontal channel until today. Prices that consolidate for a long time generally form such horizontal channels.
In July, the WIF Coin price was stuck between the resistance of $2.06 and the support of $1.59. Due to the fluctuations in BTC price, the popular meme coin could not determine a direction because investors could not predict where the general market sentiment would evolve.
We also see this in the MACD indicator of WIF Coin. The MACD (blue) and signal lines (orange) intersected back and forth. This movement indicates that the long-term moving averages are close to each other, suggesting that consolidation may continue.
WIF Coin Price Prediction
Investors cannot achieve closures above $60,000 for BTC. Despite the low inflation data and the near depletion of Germany’s BTC, BTC is lingering around $57,700 on the eve of the ETH ETF listing. The weighted sentiment for WIF Coin is also below zero, at a negative -0.74 level. This shows that investors are not very hopeful about a rise.
If the current trend continues, we may see the WIF Coin price retreat to the support level again. This would mean closures at $1.59 and below. Spikes down to $1 could have frustrating results for recently listed altcoins. The only advantage is that the price is already at quite cheap levels in terms of investor cost.
If market sentiment recovers, the token price will need to target the horizontal channel resistance again. BTC will be decisive here, and its price at $57,700 could be pushed in either direction by potential last-minute developments from various sources.
