- WIF, a popular memecoin, has seen a significant surge in market cap, bringing it closer to overtaking PEPE in the memecoin sector.
- Despite a 25% increase in price within 24 hours, WIF needs to climb significantly higher to surpass PEPE and reverse its prevailing market trend.
- While the Chaikin Money Flow indicates rising money flow and buying pressure for WIF, the RSI suggests the price may be in the overbought zone, indicating a possible correction before further rise.
WIF is closing in on PEPE’s position in the memecoin market, but it needs to overcome several hurdles to claim the number 3 spot.
A WIF of Success
Over the past few days, WIF’s market cap has seen a significant surge, bringing it closer to overtaking PEPE’s market cap and rank. However, to surpass PEPE, WIF’s price needs to climb significantly higher. Despite a 25% increase in price within 24 hours, WIF was unable to reverse its prevailing market trend. For WIF to break past this bearish trend and possibly push itself to the $4.382-level, it would have to test and move past the $3.594-level.
Market Indicators for WIF
The Chaikin Money Flow (CMF) for WIF indicates a significant rise, suggesting increasing money flow and buying pressure. However, the Relative Strength Index (RSI) reads 74.86, suggesting that the price may be in the overbought zone despite the bullish momentum. Therefore, WIF may see a correction in the next few days before rising higher again.
Looking at the Socials
Most of WIF’s price surge can be attributed to the social volume around the WIF token. However, the social volume around WIF has declined over the past few days, which may cause problems for WIF’s price in the future. Additionally, the weighted sentiment around WIF has fallen, suggesting an increase in negative comments around WIF.
Conclusion
While WIF is closing in on PEPE’s position in the memecoin market, it needs to overcome several hurdles to claim the number 3 spot. Despite the bullish indicators, the declining social volume and negative sentiment could pose challenges for WIF’s future growth.
