The dog-themed token dogwifhat [WIF] may shed its double-digit price gains, as readings from its chart show that bearish...
However, according to readings from some key technical indicators, it may be due for a decline.may shed its double-digit price gains, as readings from its chart show that bearish momentum remains significant.data.The memecoin’s price rally mirrors the general market growth that has been observed during that period. According todata, the global cryptocurrency market capitalization has risen by 4% in the last week due to the surge in trading activity.
First, the token’s Squeeze Momentum Indicator has posted only negative values since 13th April. This indicator measures WIF’s momentum and tracks its consolidation phase for traders looking to trade in a sideways market.Confirming the bearish momentum, WIF’s Awesome Oscillator returned a negative value marked by a red upward-facing bar at press time.
Further, WIF’s MACD line remained below its signal line at press time. This suggested that the meme coin’s short-term moving average was lower than the long-term moving average. Traders interpret this to mean an asset may witness sustained selling pressure.While bearish sentiments linger in the WIF market, the bulls continue to wield an influence.
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