Bullish Signs Appear as dogwifhat (WIF) Price Hits Four-Month Low

By admin On Июл 14, 2024

dogwifhat (WIF) price is seemingly performing to claim the title of the biggest meme coin disappointment.

Investors who are placing bullish bets on the asset are fighting the lack of recovery from market cues.

Dogwifhat Investors Push for a Rally

WIF price is looking at gains as the Chaikin Money Flow (CMF) is currently highlighting a notable surge in inflows. This increase in capital entering the market is generating substantial buying pressure for the meme coin. As inflows rise, it indicates growing investor interest and confidence in WIF, which could potentially drive its price higher.

The increased buying pressure is a positive sign for WIF, suggesting that the market sentiment is becoming more bullish. When the CMF shows higher inflows, it typically correlates with upward price movement, as more investors are willing to purchase the coin. This shift in sentiment can help build momentum and support a potential price rally.

WIF CMF. Source: TradingView

Additionally, WIF’s positive funding rate is another encouraging indicator for the meme coin. After nearly dipping into negative rates, the funding rate has bounced back, signaling improved market conditions. A positive funding rate implies that traders are willing to pay a premium to hold long positions, reflecting optimism about WIF’s future performance.

The recovery of the funding rate from near-negative levels further reinforces the bullish outlook for WIF. It demonstrates that traders’ confidence is returning, and they are more inclined to invest in the coin. This combination of strong inflows and a positive funding rate creates a favorable environment for WIF, increasing the likelihood of sustained upward momentum.

WIF Funding Rate. Source: Coinglass

WIF Price Prediction: Taking Back Profits

WIF price is looking at a potential recovery after bouncing off support at $1.52. Currently changing hands at $1.59, the next resistance lies at $1.83. The chances of investors pushing the meme coin to this barrier are high, considering the bullish cues noted on the network.

The aforementioned factors also hint at enough bullishness present in the market to drive the recovery. If the $1.83 resistance is breached, the meme coin would have a shot at reclaiming $2.00 as support.

WIF Price Analysis. Source: TradingView

On the other hand, volatility-induced bearishness could drive the price further lower towards $1.21. This could invalidate the bullish thesis.

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