Flow

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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/dogwifhat-coin-suffers-price-decline" data-wpel-link="internal" rel="noopener noreferrer nofollow">Dogwifhat Coin Suffers Price Decline</a><br></p>
<p style="text-align: justify">The dog-themed meme coin, Dogwifhat (WIF), has seen a significant drop in its value in recent days. Trading at $1.85, WIF’s price has plummeted by 29% over the past week. Technical indicators suggest that the coin faced substantial selling pressure, raising concerns of further declines in its value.</p>
<h2 id="what-led-to-the-price-drop">What Led to the Price Drop?</h2>
<p style="text-align: justify">The WIF price fell below its ascending channel’s lower line, considered a support level, on July 23, leading to the 29% drop, as evidenced by the charts. This fall below the support level typically indicates that the bulls were unable to defend the price, signaling a downward trend and heightened selling pressure.</p>
<p style="text-align: justify">Alongside the price drop, WIF’s daily trading volume surged by 127% over the past week, according to <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> from Santiment. This increase in trading volume, amidst a declining price, suggests significant short selling activity among meme coin holders.</p>
<h2 id="can-wif-recover-soon">Can WIF Recover Soon?</h2>
<p style="text-align: justify">The divergence between WIF’s price and trading volume reveals the dominance of selling activity. The weighted sentiment for WIF is currently at -0.19, further indicating a bearish trend. Generally, an uptick in trading volume during a price decline reflects a bearish <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market</a> sentiment.</p>
<h2 id="key-insights">Key Insights</h2>
<p style="text-align: justify"><strong>Valuable Inferences:</strong></p>
<p style="text-align: justify">– WIF experienced a 29% decline after failing to maintain its support level.<br> – Daily trading volume for WIF increased by 127% during the price decline.<br> – The <a href="https://en.bitcoinhaber.net/investor-loses-1-million-in-crypto" data-wpel-link="internal" rel="noopener noreferrer nofollow">token</a>’s weighted sentiment is in the negative zone at -0.19.<br> – Relative Strength Index (RSI) and Money Flow Index (MFI) are at 38.24 and 32.47, respectively, indicating oversell conditions.<br> – If the downtrend continues, WIF’s price could drop to $1.48; a reversal could see it rise to $2.28.</p>
<p style="text-align: justify">In reviewing WIF’s fundamental indicators, a decrease in demand among market participants is evident. The Relative Strength Index (RSI) and Money Flow Index (MFI) stand at 38.24 and 32.47, respectively, highlighting oversold conditions.</p>
<p style="text-align: justify">Should the bearish trend persist, the meme coin’s price could fall to $1.48. On the other hand, if market sentiment shifts positively, the token might climb above $2, potentially reaching up to $2.28.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/dogwifhat-coin-suffers-price-decline" data-wpel-link="internal" rel="noopener noreferrer nofollow">Dogwifhat Coin Suffers Price Decline</a></h5>

Dogwifhat Coin Suffers Price Decline

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