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WINK is down 87% from its recent all-time high—is there any hope for bulls?

wink win down 87%
Image by Wes Harrison from Pixabay 
  • The WIN/USDT trading pair has retested support levels formed in March
  • Latest crypto market declines have dragged the WINK token down 87% from its all-time high
  • RSI, too, is giving off bottoming signals

WIN/USDT Down 87%

WINK is the native token of WINKLink, the first TRON-blockchain-based oracle. But that wasn’t enough to stop the crypto coin from losing almost 90% of its value during the recent drawdown and the ongoing bearishness.

On the daily WINUSDT chart, WINK is trading well below critical 50-day MA and 20-day MA. It has stayed restricted below the 20-day exponential moving average (EMA) line for more than a month now. The bearish trend set in for the token even before the May crypto crash. This has led many to question whether to invest in WIN (WINK) or not.

Also Read: Should You Invest In WINk (WIN) In 2021 And Beyond?

wink, WINK is down 87% from its recent all-time high—is there any hope for bulls?
WINUSDT Token Pair Down Almost 90% From All-Time High, Source:  WINUSDT on TradingView.com

Back to March Support

The almost 90% drop in the token’s price has brought it back to pre-pump levels seen during March-end. WINK lifted off from the $0.0004 support on March 31 and has revisited the same price level after almost three months. From what it seems, the WINUSDT pair risks flipping the same into resistance.

Also Read: Altcoins in Focus on 11/05/2021: Reef, Cardano, Holo, BitTorrent, Wink

But at the same time, the token gives off ample signals of bottoming out in the latest market rout. Twitter-based WINK supported “The CryptoMan,” who routinely posts his price analysis about WIN had this to say:

$WIN $WINK – @ weekly – #WinkLink still moving in its comfort zone where the price is accepted the most – we are looking for a break out in any direction – #WinkCoin|s possible targets after leaving and confirmation @ top ~0.00125 – @ bottom ~0.00026 #usdt – overall #bullish

The classic Bollinger Bands squeeze formation around the WIN/USDT pair’s momentum since June 7’s confirms The CryptoMan’s “break out in any direction” stance. That’s because an asset either prints significant positive upside or further depreciation upon getting “squeezed” by Bollinger Bands.

In the case of WINK, a breakout in the northern direction is possible since the RSI (Relative Strength Indicator) looks bottomed as well. Bottomed RSI (value closer to the lowest bound at 30) invites renewed buying action and indicates fatigued bearish pressure.

However, buyers need to work hard to keep the bears at rest. A flip of the immediate resistance near $0.0005 (200-day MA) could lay the path for more bullish price action. Post $0.0005 bulls could try and reclaim $0.00067 (50-day MA).

Of course, the said scenario will only materialize if the impending death cross doesn’t lead to substantial losses.

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Himadri Saha

Himadri is an active investor in cryptocurrencies and upcoming blockchain technology projects. He has been a part of the digital asset space since 2017 and has held multiple positions as Social Media Manager, Assistant Editor, Sponsored Content Manager, Cryptocurrency Journalist roles in reputed news outlets like NewsBTC, Bitcoinist and CryptoPotato. He has also helped numerous blockchain projects gain prominence through terse and succinct marketing/technical content. Himadri comes with a marketing and engineering background, and has worked with reputed names such as GE Healthcare, Volvo Trucks and Polycom before moving into crypto.

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