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Cryptocurrency News Articles
Dog-Themed Meme Coin WIF Signals More Losses Ahead Despite Market Rally
May 23, 2024 at 12:00 pm
The dog-themed meme coin dogwifhat [WIF] has not seen a significant price rally in the last week despite the general market rally during that period.
Despite the recent market rally, dogwifhat [WIF] meme coin was the only one that failed to experience a price increase in the last week.
The meme coin was trading at $2.84 at press time, showing a 2% loss in the last seven days, according to CoinMarketCap.
A review of WIF's technical indicators on a daily chart suggested a potential continuation in the coin’s price decline.
To begin with, the meme asset traded below its 20-day Exponential Moving Average (EMA) at press time.
When an asset trades below its 20-day EMA, it is considered a bearish signal as its current price dropped below its average price of the past 20 days. It is usually interpreted by market participants as a shift toward coin sell-offs.
Indicating a preference for token sell-offs over accumulation by market participants, the Relative Strength Index (RSI) for WIF stood at 49.47 at press time.
Furthermore, the MACD line (blue) for WIF was positioned below its signal (orange) and zero lines at press time.
When these lines are arranged in this setup, it indicates that the asset’s short-term moving average is below its long-term moving average, a bearish signal that confirms an ongoing downtrend.
Confirming the bearish trend, the dots of WIF’s Parabolic SAR were above its price since 13 May.
This indicator is used to identify potential trend direction and reversals. When its dotted lines are placed above an asset's price, it indicates a downtrend in the market.
It shows that the asset's price has been decreasing, and the drop might continue.
A glance at the token’s weighted sentiment at press time supported the above position as it stood at -0.5, according to Santiment’s data.
When an asset records a negative weighted sentiment, it usually connotes a downtrend in investor confidence.
Poor sentiment often leads to distribution, as some investors might be inclined to sell their holdings due to a lack of confidence in the asset's short-term price growth.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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