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- Despite a recent 20% price hike, the meme coin Dogwifhat (WIF) faces potential roadblocks due to lingering negative sentiments in the market.
- WIF’s price crossed above its 20-day small moving average on May 3rd, indicating a short-term upward trend.
- However, key momentum indicators suggest a balance between buyers and sellers, with neither group having clear control.
Following a 20% price increase, Dogwifhat (WIF) could face challenges due to negative market sentiments. Despite crossing its 20-day small moving average, momentum indicators suggest a market balance, with no clear dominance from buyers or sellers.
WIF’s Recent Price Increase
On May 3rd, the price of Dogwifhat (WIF) crossed above its 20-day small moving average, indicating a short-term upward trend. This suggests that the current price is higher than the average price of the past 20 days, which could mean that buyers are in control and the price may continue to climb.
Uncertain Market Control
Despite the recent price increase, the market appears to be in a state of balance between buyers and sellers. WIF’s Relative Strength Index (RSI) and Money Flow Index (MFI) are 55.06 and 50.51 respectively, indicating that neither buyers nor sellers have clear control. Additionally, WIF’s Chaikin Money Flow (CMF), which measures the flow of money into and out of the asset, is in a downtrend. This could signal a potential reversal in the price trend.
Potential for Price Correction
If the CMF decline persists and the bullish projection is invalidated, WIF’s price may fall under $3 to exchange hands at $2.8. This suggests that the recent rally may not be backed by real demand, leading to a potential price correction.
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Negative Market Sentiments
Despite recent gains, bearish sentiments remain in the market. According to Santiment, WIF’s Weighted Sentiment remains negative at -0.46, even after last week’s double-digit price rally.
Conclusion
While Dogwifhat (WIF) has experienced a recent price increase, the market balance and negative sentiments could pose challenges for further growth. Investors should keep a close eye on key momentum indicators and market sentiments to anticipate potential price corrections.
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