As July comes to an end, WIF’s stable outlook draws attention. The latest data suggests that the first few days of August might present a different scenario. Despite rising to a periodic peak of $2.8 on July 22, WIF has currently dropped to around $2.30. The price drop is attributed to investors possibly taking profits from the recent price surge, but a new increase is also anticipated.
Dogwifhat Comments
While uncertainty continues in WIF’s price, the Chaikin Money Flow (CMF) value on the daily chart has risen to 0.15, indicating a potential increase. The positive CMF suggests a rise in buying pressure, while a negative CMF indicates market exits. The lack of parallelism between price movement and this indicator can be seen as positive for WIF’s future. This situation indicates that traders are buying despite the drop, and this has not yet been reflected in the price.
In addition to the rise in CMF, an increase in the Weighted Sentiment indicator around Dogwifhat has also been noted. Generally, the Weighted Sentiment indicator reveals the ratio of positive and negative comments about a crypto project on social media. For WIF, the Weighted Sentiment currently indicates -0.30. However, the indicator seems to have improved compared to July 29.
As the indicator approaches positive and continues to move in this direction, a price increase is expected in the coming periods.
WIF’s Future
A look at the daily WIF/USD chart shows that the meme coin has erased its July gains. As the price continues to drop, it is approaching a significant demand zone between $2.14 and $2.20.
On the other hand, WIF’s price is also getting closer to rising above the 20 EMA (blue). The Exponential Moving Average (EMA) is crucial in measuring trend direction. If the examined cryptocurrency‘s price is above the EMA, the trend is considered upward.
Conversely, if it remains below, the trend is considered downward. If WIF rises above the 20 EMA, it is thought to be on an upward trend. Consequently, the token’s price could rise to $2.47 and subsequently to $2.78.
