DogWeHat (WIF) is a dog-themed meme coin that has seen its value drop significantly over the past few days. At press time, the token was trading at $1.90, having plummeted 26% over the past week.
Key technical indicator data shows selling pressure on WIF has surged over the past week. Due to this trend, meme coins are at risk of further declines.
Market Pressure and Price Decline
WIF fell below the bottom line of the ascending channel on July 23, leading to a 24% drop in its price. This break indicates weakened bullish support and increasing selling pressure, signaling a declining market trend. Additionally, the daily trading volume of WIF has surged by 127% in the past seven days, suggesting heightened selling activity among meme coin holders.
Weighted Sentiment and Market Sentiment
Currently, WIF’s weighted sentiment stands at -0.19, indicating a bearish bias against the meme token. This negative sentiment is fueled by high trading volumes and falling prices, reflecting negative emotions such as fear and uncertainty among investors. When social media discussions are driven by such sentiments, it often results in a potential price drop for the asset.
Price Forecast and Market Outlook
With WIF’s Relative Strength Index (RSI) at 38.24 and Money Flow Index (MFI) at 32.47, the meme coin is experiencing strong selling pressure and approaching oversold conditions. If the current downward trend persists, WIF’s price could further drop to $1.48. However, a change in market sentiment from bearish to bullish could see the coin trading above $2, at $2.28.
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