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The prolonged negative fluctuations caused altcoin investors to sell more, leading to strong capital outflows. BTC price aimed for $60,000 again, but volume weakened significantly today. Moreover, the lack of interest at higher levels is discouraging for altcoins. Naturally, Solana network’s popular altcoin also took its share of the crash.
WIF Coin
WIF Coin, the fourth largest meme coin by market value, erased significant gains this month. As competitors like DOGE, SHIB, and PEPE Coin weakened, WIF Coin couldn’t stand out positively. This challenging period caused profitable investors to flee, fearing a bigger crash. However, these exits have previously disappointed investors who waited on the sidelines during upward surprise breakouts.
DOGE eroded by 10% in the last 9 days, and WID Coin eroded by 2% in 30 days. DOGE fell by 15%, while SHIBA Coin dropped by 23%.
Looking at the annual performance, WIF Coin, with a 700% gain, is relatively well-positioned for 2024, just behind another popular Solana-based altcoin, POPCAT. Such large gains explain the more significant price drops in DOGE and SHIB. Investors are looking for exit opportunities, fearing their gains will completely erode.
Is WIF Coin at the Bottom?
In 9 days, nearly $7 million in long positions were liquidated for WIF Coin in futures trading. In contrast, short position liquidations were only $3 million. Investors expecting the rise to continue after August 9 were greatly disappointed, as the nightmare-like fluctuations in BTC price dashed many investors’ hopes.
On the technical front, the H&S formation brings the risk of a deep correction. If a downward break below the neckline, which is at $1.46, occurs with volume, the collapse could continue to $0.725. For now, BTC is struggling to reclaim $60,000, so a downward break is expected.
Conversely, if the neckline at $1.46 is reclaimed and closes above the $1.48 to $1.69 range, the bearish setup could be invalidated. Thus, the price could refocus on targets above $2.
