Crypto News

Wink wobbles near bias-defining support while eyeing a 25% dip

Wink, Wink wobbles near bias-defining support while eyeing a 25% dip
Image by Steve Buissinne from Pixabay

Key Takeaways

  • WINkLink, TRON Network’s decentralized oracle, is trading in a descending channel.
  • The network’s native cryptocurrency, WIN’s technical charts predict a further decline of 25%.

NEW DELHI (CoinChapter.com) — WINkLink prices continue their bear rally that began a day after the network’s digital currency, WIN, reached its ATH of $0.00297 on April 5.

As a result, the cryptocurrency has declined by 88.8% from its ATH value. Now, its technical charts indicate the digital currency is nearing a critical support level. However, failure to consolidate at the immediate support will lead to a price fall to the tune of 25%.

Wink prices are trading in a descending channel since May 26. For now, the digital currency is testing support at the $0.0003236 price level. Interestingly, the same support level came into play during June 22-23, 2021, and March 19-26, 2021. Moreover, in March, Wink rebounded from the support level to reach its ATH in less than two weeks.

Wink, Wink wobbles near bias-defining support while eyeing a 25% dip
WINkLink price trends on the daily chart. Source: WINUSDT on Tradingview.com

However, a repeat of Wink’s March feat seems unlikely. The 50-Day (Violet) Moving Average trend line moved below the 200-Day MA trend line on July 2, creating a death cross. A death cross pattern often indicates potential for a significant sell-off.

Also Read: Dogecoin dodges bullish breakout hopes, now eyes 40% dip—here’s why

When the cryptocurrency breaches immediate support at $0.0003236, the next support lies at $0.0002521. The price level has acted as support between March 14-19, 2021. However, a drop to $0.0002521 will mean a 25% decline from current price levels.

If Wink fails to check its decline and pushes below the next support, the digital currency will then try to consolidate at the $0.0001981 price level. However, a drop to this price level will put a significant dent in Wink’s 2021 gains.

On the other hand, if Wink prices breakout above the upper trendline, a bullish rally will begin. The bulls will target the resistance level at the $0.0004248 price level, with the next goal at $0.0005192. If the bullish rally breaches through the resistance levels, the 78.6% Fib level of $0.00068 might come into play. However, the declining trading volumes for Wink make this scenario unlikely.

Wink Momentum Chart

WINkLink’s momentum oscillators also depict a bearish outlook for the digital asset.

Wink, Wink wobbles near bias-defining support while eyeing a 25% dip
WIN momentum oscillators on the daily chart. Source: WINUSDT on Tradingview.com

The MACD for WIN can be termed bullish at the moment. However, the MACD line (difference between 12-Day and 26-Day EMA) is moving very near the MACD Signal line (9-Day EMA of MACD). Therefore, chances of the MACD line moving below its signal line are high, especially as the MACD histogram has almost reached zero (0.0000009) after declining over the last two weeks. MACD histogram plots the difference between MACD line and MACD signal line.

Also Read: VeChain vouches for a potential 23% loss on triangle breakout FUD

Moreover, RSI or relative strength index for the digital asset is at 35.32. As such, WIN is not in the oversold/undervalued level for now. Thus, chances of a trend reversal are slim, with further downside a more substantial possibility.

WINklink announced the release of its website V2.0 on July 14. The announcement claims the new website has a better user interface with better content and operation. However, the cryptocurrency’s prices failed to respond to the news. Thus, it seems that the cryptocurrency’s prices are independent of its fundamentals.

WINkLink network uses WIN as Node incentive and for network payment. At the time of writing, WIN was trading at $0.0003315, down by 3.91% on the day.

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Anshuman Roy - CoinChapter
Anshuman Roy

A Delhi based content writer, I did my bachelors in engineering with major in electronics and communications. I first heard of bitcoin while writing an article about blockchain technology a few years back, and have been following it ever since. Bitcoin may well be current big thing happening in the finance industry, and it feels like the right time to join the crypto bandwagon.

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