- WIF outperformed Bitcoin in resilience during the crypto market crash by maintaining its bullish market structure.
- WIF’s recent inclusion in Coinbase’s perpetual futures has improved the company’s standing in the market and raised hopes for a comeback.
When the declines suffered by the cryptocurrency market in April carried over into May, a significant discrepancy in the performance of different crypto assets became apparent. A handful of tokens managed to buck the trend, but the majority gave in to the downward pressure.
The biggest cryptocurrency by market capitalization, Bitcoin (BTC), suddenly dropped below its steady two-month price range of $60.8k and $72.7k, causing considerable volatility in the market. This decline turned out to be a turning point in the market since it sparked a general sell-off.
The Decline of BTC: A Spark for the Altcoin Wave
After Bitcoin’s collapse, the altcoin market was confronted with an enormous obstacle. A lot of cryptocurrencies experienced a value decline of about 30% to 40%, which was a result of the tremendous pressure caused by the decline of BTC.
This market behavior, where the movement of Bitcoin frequently sets the standard for others, highlighted the interconnectedness of cryptocurrency assets.
Dogwifhat (WIF), a top memecoin, stood out for preserving its bullish market structure throughout the general market downturn. Crypto-analyst Ansem emphasized the resilience of WIF in particular, pointing out that it was able to maintain levels above critical support.
WIF’s price action, in contrast to BTC, stayed above the $2 threshold and had significant moving averages, which in technical analysis are signs of a strong bullish position.
Technical Analysis: Bitcoin vs. WIF
WIF showed incredible resilience even as Bitcoin crashed below critical support levels and its market structure became bearish. It is noteworthy that it can withstand significant technical thresholds even when the market is under extreme pressure.
you sure about that?
on the left is dogwifhat, the leading meme for this cycle
on the right is bitcoinwhich held bullish market structure better on this pullback? https://t.co/C93g677oKL pic.twitter.com/hAxmPrtxM5
— Ansem 🐂🀄️ (@blknoiz06) May 1, 2024
This suggests that WIF might recover faster if market conditions settle, even with the overall market decline.
In the long run, WIF’s resilience points to a potential faster recovery, particularly when market conditions improve.
The token’s ability to maintain a bullish stance throughout periods of general market turbulence amply demonstrates its resilience and potential appeal to investors seeking stability in turbulent times.
WIF’s price as of right now, according to CoinMarketCap data, is $2.78, up 2.67% from the previous day but experiencing an 8.24% decrease over the previous week.
Previously, the market reacted favorably to the recent addition of WIF to perpetual futures products offered by Coinbase International Exchange, in line with what ETHNews previously disclosed.