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Dogwifhat (WIF), one of the newest entrants among dog-themed tokens, might soon lose its double-digit price gains. WIF’s chart analysis continues to show significant downward momentum. According to data from CoinMarketCap, WIF was trading at $2.98 at the time of writing, having increased by 12% over the past week.
Will WIF Price Drop?
The price rally of the memecoin highlights the recent price surge. According to data from CoinGecko, the global cryptocurrency market volume increased by 4% last week due to a rise in trading activities.
Moreover, a look at WIF’s 1-day chart shows some technical indicators suggesting a potential price drop soon.
Firstly, the token’s Squeeze Momentum Indicator has been showing only negative values since April 13. This indicator measures WIF’s momentum and reflects the consolidation phase for investors trading in a sideways market.
The red bars indicating a downward outlook could suggest a downward momentum for WIF.
WIF’s Awesome Oscillator, confirming the downward momentum, was marked with a red bar facing upwards at the time of writing, indicating a negative value.
Generally, red bars in an asset’s Awesome Oscillator indicate a bearish outlook and are interpreted as such. This situation could indicate increasing selling pressure.
Additionally, WIF’s MACD line (blue) was below the signal line (orange) at the time of writing. This situation shows that the meme coin’s short-term moving average is trending lower than its long-term moving average.
For investors, this view could be interpreted as WIF facing continuous selling pressure in the coming days.
WIF’s Future and Indicators
While the decline in the WIF market continues, there was also some activity on the bulls’ side, which could change things.
At the time of writing, the token’s Relative Strength Index (RSI) and Money Flow Index (MFI) appeared to be moving above their neutral lines, which could mean an increase in demand for the altcoin.
WIF’s RSI value was calculated at 49.53 in the latest review, while the MFI value was pointing at 46.93. On the other hand, the Chaikin Money Flow (CMF), which measures the flow of money into and out of the market, was indicating a positive 0.10 at the time of writing.
The positive structure of the indicators could bring a price rise in the coming period.
