Dogwifhat (WIF) Sees Rise in Inflows, Could Start August on a Strong Note
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As July comes to a close, dogwighat's (WIF) price may be ending it with a decrease. However, recent data reveals that the first few days of August may come with a different tune. WIF trades at $2.30 even though it reached a monthly high of $2.89 on July 22.
The price decrease can be linked to profit-taking from the previous hikes, but it could be time to recover. While WIF's price sinks, the Chaikin Money Flow (CMF) on the daily chart shows that the decrease may be short-lived as the reading climbs to 0.15.
When the rating increases, it means that there is a surge in buying pressure. However, a drop in the indicator's position suggests that market participants are taking money out and selling. The divergence between WIF's price and the indicator's status could be positive for the meme coin's value.
In addition to the rising capital flow, the Weighted Sentiment rating around dogwifhat has increased. A positive reading indicates that there are more favorable opinions online. For WIF, the Weighted Sentiment is currently -0.30, marking an improvement from July 29.
Based on the daily WIF/USD chart, the meme coin has erased almost half of July's gains. As the price declines, it is approaching a crucial demand zone located between $2.14 and $2.20. Apart from that, the price is on the cusp of rising above the 20 EMA (blue).
If WIF rises above the 20 EMA, it could validate the bullish bias that recently flashed. Should this be the case, the token's price may rebound to $2.47 and, subsequently, $2.78. If the rate of money flow into WIF decreases, the price may be invalid, potentially dropping to $2.10.
Source: beincrypto.com ↗
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