To Hold or Not to Hold: The Fate of Dogwifhat's Memecoin
Bearish Momentum Looms
Trading at $2.98, the dog-themed token
dogwifhat [WIF] has enjoyed a 12% surge in the past week. However, caution is in order as
CoinGecko data reveals a broader market rally, while WIF's technical indicators hint at a potential decline.
Squeeze Momentum & Awesome Oscillator
Since April 13th, WIF's
Squeeze Momentum Indicator has been flashing negative values, signaling a consolidation phase. Adding to the bearish case, the
Awesome Oscillator dons a red bar, suggesting increased selling pressure.
MACD Line & Selling Pressure
The meme coin's
MACD line trails below its signal line, indicating a short-term moving average lower than the long-term average. This could mean sustained selling pressure for WIF.
Bulls Still Have Some Bite
Amidst the bearish sentiment, there's a glimmer of hope. WIF's
RSI and
MFI are poised to cross above their center lines, indicating potential demand for this altcoin.
Steady Liquidity Flow
With a Chaikin Money Flow (CMF) of 0.10, WIF seems to have a steady stream of liquidity supporting its price growth.
As you navigate the world of memecoins, keep an eye on these indicators and make an informed decision about your portfolio. And remember, even in the dog-eat-dog world of crypto, there's always room for surprises!
