Whales and smart money have recently made significant moves in the WIF market, aiming to save the declining asset from further losses. While one whale purchased a notable amount of WIF, smart money also joined in, indicating a bullish sentiment in the market.
Despite these efforts, WIF has been on a downward trend for over a month, experiencing a 36.28% decline in the past week alone. The selling pressure from spot traders has contributed to the negative price movement, with exchanges reporting a significant amount of WIF being sold off.
One whale made a substantial purchase of 9.6 million WIF worth $6.9 million, signaling a potential price surge in the near future. Additionally, smart money has also been actively acquiring WIF, further supporting the bullish outlook for the asset.
On the other hand, spot traders have been selling off their holdings, following several days of buying activity. This profit-taking behavior could suggest a short-term pullback before a potential uptrend resumes.
Despite the recent market dynamics, there is a possibility of a higher high on the horizon for WIF. The cryptocurrency recently bounced off a key support level at $0.69, trading at $0.74 at the time of writing. The Relative Strength Index (RSI) also indicates buying activity in the oversold region, hinting at a potential reversal in the market sentiment.
Overall, while WIF has faced significant selling pressure in recent days, the actions of whales, smart money, and the potential for a bounce to higher levels suggest that the asset may be poised for a recovery in the near future. Traders and investors will be closely watching for any signs of a sustained upside movement in WIF’s price.