- WIF’s worth has grown by over 10% within the final week.
- Nonetheless, in line with readings from some key technical indicators, it might be due for a decline.
The dog-themed token dogwifhat [WIF] might shed its double-digit value features, as readings from its chart present that bearish momentum stays vital.
Exchanging arms at $2.98 at press time, WIF’s value has risen by 12% within the final week, in line with CoinMarketCap’s information.
WIF to lose its bark?
The memecoin’s value rally mirrors the final market progress that has been noticed throughout that interval. In response to CoinGecko’s information, the worldwide cryptocurrency market capitalization has risen by 4% within the final week as a result of surge in buying and selling exercise.
Nonetheless, a few of WIF’s technical indicators noticed on a 1-day chart hinted at the potential for a decline in its value within the quick time period.
First, the token’s Squeeze Momentum Indicator has posted solely adverse values since thirteenth April. This indicator measures WIF’s momentum and tracks its consolidation part for merchants seeking to commerce in a sideways market.
When it exhibits downward-facing pink bars, the asset in query is experiencing a downward momentum.
Confirming the bearish momentum, WIF’s Superior Oscillator returned a adverse worth marked by a pink upward-facing bar at press time.
Purple bars on an asset’s Superior Oscillator are sometimes interpreted as a bearish signal, suggesting a hike in promoting strain.
Additional, WIF’s MACD line (blue) remained under its sign line (orange) at press time. This instructed that the meme coin’s short-term transferring common was decrease than the long-term transferring common. Merchants interpret this to imply an asset might witness sustained promoting strain.
The bulls maintain their very own
Whereas bearish sentiments linger within the WIF market, the bulls proceed to wield an affect.
At press time, the token’s Relative Energy Index (RSI) and Cash Circulate Index (MFI) appeared poised to cross above their respective middle strains, suggesting a spike in demand for the altcoin.
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WIF’s RSI was 49.53, whereas its MFI was 46.93. Likewise, its Chaikin Cash Circulate (CMF), which measures the movement of cash into and out of the market, was 0.10 as of this writing.
This worth instructed that the meme coin noticed a gentle provide of liquidity essential to maintain its value progress.