Dogwifhat (WIF) Price Recovery Not Yet Safe After Sub-$1 Scare
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Dogwifhat (WIF), the meme coin with the highest market cap on Solana, dropped to $1.05 on August 5, causing speculation of a further decline. However, WIF's price has since bounced back by 16.94%, currently trading at $1.41. Despite the recovery, the Money Flow Index (MFI) suggests the token is still oversold, indicating weak buying pressure to sustain the price increase.
The Funding Rate's rise implies that long-positioned traders are profiting, but a price drop could erase these gains. The Directional Movement Index (DMI) indicates a bearish trend, with the -DMI outweighing the +DMI. Similarly, the Average Directional Index (ADX) signals strong downward movement, hinting that WIF’s upward trend might not last long.
If WIF's money flow improves significantly, the token could maintain its upswing and test $1.76. Otherwise, it may retrace to around $1.04. Traders need to watch buying signals closely to gauge the sustainability of WIF's price movement.
Source: beincrypto.com ↗
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